|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
(Adds details of debt, comment from statement)
MUMBAI, Dec 31 (Reuters) - India's Tulip Telecom Ltd , which defaulted on a $140 million convertible bond redemption in August, said on Monday it is in talks with lenders to restructure its long-term debt.
Tulip, which designs and manages communication networks of large enterprises, is negotiating for a moratorium on principal and interest payments with banks, and extending the repayment period, which could help ease the debt and interest burden, it said in a statement.
Tulip had consolidated debt of 30.3 billion rupees ($553 million) at end-September. It was not clear how much of this amount will be restructured by banks.
"The near-term outlook is mixed, considering liquidity constraints and a volatile market environment, despite strong business fundamentals," Chairman H.S. Bedi said in a statement to stock exchanges.
Tulip joins a long list of Indian companies that have turned to the corporate debt restructuring mechanism, a voluntary process whereby creditors approve an easing of repayment terms.
Last month, lenders to Indian wind turbine maker Suzlon Energy Ltd agreed to restructure about 110 billion rupees ($1.97 billion) of its debt, sources said. ($1 = 54.81 rupees) (Reporting by Prashant Mehra; Editing by Sunil Nair)