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NTC`s Rs 500 cr bonds issue to hit market next week
New Delhi, Sept 24: National Textiles Corporation (NTC) bonds issue to mop up around Rs 500 crore will hit the market next week.
New Delhi, Sept 24: National Textiles Corporation (NTC) bonds issue to mop up around Rs 500 crore will hit the market next week.
The proceeds from the issue will be used for offering
voluntary retirement benefits to its about 14,000 workers,
official sources told a news agency, adding that the meeting of
arrangers for the issue will be held this week to decide on
the final date.
Uptil now, 43 out of a total 66 sick mills have been closed down in phases over the past year following the Rs 2,993 crore package approved by cabinet and board for industrial and financial reconstruction.
This package also involved revival of 44 viable mills.
NTC has already raised a total amount of about Rs 750 crore through private placement through bonds to meet its requirement arising out of VRS to about 23,000 workers affected by closure of mills.
As part of this plan, NTC has also initiated the process of selling surplus land held by mills under its nine subsidies to garner a total amount of Rs 3,829.93 crore. In this regard, textiles secretary is also holding meetings with senior officials of Maharashtra government in Mumbai today and tomorrow following Bombay Municial Corporation turning down its sale of land in city.
Sources said while BMC which disapproved the sale was pressing for allocation of more land than stipulated towards development of the city, NTC had offered to give whatever it was required as per the law.
Bureau Report
Uptil now, 43 out of a total 66 sick mills have been closed down in phases over the past year following the Rs 2,993 crore package approved by cabinet and board for industrial and financial reconstruction.
This package also involved revival of 44 viable mills.
NTC has already raised a total amount of about Rs 750 crore through private placement through bonds to meet its requirement arising out of VRS to about 23,000 workers affected by closure of mills.
As part of this plan, NTC has also initiated the process of selling surplus land held by mills under its nine subsidies to garner a total amount of Rs 3,829.93 crore. In this regard, textiles secretary is also holding meetings with senior officials of Maharashtra government in Mumbai today and tomorrow following Bombay Municial Corporation turning down its sale of land in city.
Sources said while BMC which disapproved the sale was pressing for allocation of more land than stipulated towards development of the city, NTC had offered to give whatever it was required as per the law.
Bureau Report