Rolta India at new low
By
Research Desk
about 9 years ago
Rolta India today hit a new 52-week low at Rs.62.75, down 2.5%.
This new low was after the company announced that it has been unable to meet its recent obligations towards interest payment on Bonds / ECB installment. The company has stated that this was because it has had to continue incurring significant expenses on a very prestigious and time bound defense project, which requires considerable ongoing investment; while at the same time the Company has suffered unexpected delays in large payment collections; thereby facing working capital stress over the past few months.
The company had raised $135 million through external commercial borrowings (ECB) and redeemed its entire zero coupon foreign currency convertible bonds (FCCBs).