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Announcement:
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New Delhi Television Ltd (NDTV) has informed BSE that NDTV Networks Plc., a UK subsidiary of the Company has repurchased the US$ 100 Million Step up Coupon Bonds due 2012. The Bonds have been repurchased for US$ 72.4 Million. NDTV Networks Plc. has financed the repurchase through Bank Loans.
The repurchase has allowed NDTV Networks Plc to significantly reduce its outstanding borrowings and also to cut down on interest burden.
Consequent to the repurchase of the Bonds by NDTV Networks Plc, the restrictive covenants, which were applicable have ceased, allowing NDTV Networks Plc and its subsidiaries flexibility for re structuring and financing the businesses including being able to access bank finances for working capital and other requirements.
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