Educomp Solutions plans rupee debt restructuring

Mumbai: Educomp Solutions Ltd informed on Monday that it has initiated discussion with its lenders and has approached corporate debt restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet.

add_main_imageThe company has also approached the CDR forum for restructuring of debt in its K-12 business (second major business, operated through its subsidiary—Educomp Infrastructure and School Management Ltd).

“This is an important step towards stabilizing our business by enhancing liquidity and putting capital to optimal use. “ Shantanu Prakash, chairman and managing director at Educomp Solutions said.NextMAds

As of March 2013, total stand-alone debt of Educomp Solutions was ₹ 965.24 crore, while its consolidated debt was ₹ 1,782.52 crore.

Shares of Educomp Solutions fell 2.87% on Monday to close at ₹ 33.90 on BSE, while the benchmark Sensex fell 0.88% to close at 19324.77 points.