Hon’ble BIFR sanctions Scheme of Rehabilitation of Vishal Cotspin

Vishal Cotspin Ltd has announced that the Hon’ble BIFR at its hearing held on August 30, 2006 has sanctioned the Rehabilitation Scheme of the company. Following are the salient features of the Scheme:

1. One Time Settlement (OT5) with Banks and Financial Institutions for Rs 936.01 Lacs.

2. Banks and Financial Institutions have waived a sum of Rs 1924.20 lacs.

3. Reduction of Equity Capital by 50% to write off the Losses.

4. Contribution from Strategic Investor, Madanapalle Spinning Mills Ltd, Bangalore to the tune of Rs 260.00 Lacs.

5. Capital Expenditure to the tune of Rs 95.O0 Lacs is provided in the scheme.`

Source : Equity Bulls

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