New Delhi, Aug 20 (ANI): The Union Cabinet today gave its approval to enhance the equity share capital of Telecommunications Consultants India Limited (TCIL) in its joint venture company - Tamil Nadu Telecommunications Ltd. (TLL) from Rs.695.10 lakhs - to Rs.2238.37 lakhs - due to increase in share capital.
The equity percentage of TCIL shall go to 49 per cent which amounts to conversion of loans to equity to the extent of Rs.15.43 crores and to authorise TCIL to provide bridge loans to the extent of Rs.12.5 crore till loans from banks are organized.
The capital restructuring will revive the company and TCIL shall not have to write off the loans and equity.
This is subject to the TCIL finding a suitable private strategic partner within a reasonable time. (ANI)