MUMBAI, India, June 17, 2016 /PRNewswire/ --
Rolta India Limited (Rolta), a leading provider of innovative IP-led IT solutions for many vertical segments, including Defense and Security, today released the following update on its obligations towards interest payment of Bonds / ECB installment.
Rolta has had to continue incurring significant expenses on a very prestigious and time bound defense project, which requires considerable ongoing investment; while at the same time the Company has suffered unexpected delays in large payment collections; thereby facing working capital stress over the past few months. As a result, Rolta has been unable to meet its recent obligations towards interest payment on Bonds / ECB installment.
Rolta management is diligently working on addressing the overall situation in a comprehensive manner in consultation with its bankers and strategic advisors. The aim is to arrive at an acceptable solution in the interest of all stakeholders and the Company will be informing all stakeholders at the earliest possible opportunity and is committed to finding a viable resolution.
About Rolta: Rolta is a leading provider of innovative IP-led IT solutions for many vertical segments, including Federal and State Governments, Utilities, Oil & Gas, Petrochemicals, Financial Services, Manufacturing, Retail, and Healthcare. Rolta is recognized for its extensive portfolio of solutions based on field-proven Rolta IP tailored for Indian Defense and Homeland Security. By uniquely combining its expertise in the IT, Engineering and Geospatial domains, Rolta develops State-of-the-Art Digital Solutions incorporating rich Rolta IP in the areas of Cloud, Mobility, IoT, BI and Big Data Analytics. Rolta is a multinational organization headquartered in India and the Company's shares have been publicly traded for more than 25 years in India. Rolta GDRs are listed on the London Stock Exchange for 10+ years.
For additional information please visit http://www.rolta.com, or contact:
Director - Corporate Affairs & CFO
Member of the Board
SOURCE Rolta India Ltd.