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Dilutiontohappeninnext18mths:DiamondCables
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26Sep200602:40PM
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Diamondcableshaveconcludedthedebtrestructuringexercisewithitslenders.
JointManagingDirectorofDiamondCables,AmitBhatnagarsaysafterdebtrestructuringthereisnodebt
onthebooks.
ExcerptsfromCNBCTV18'sexclusiveinterviewwithAmitBhatnagar:
Q:Giveusdetailsofthisdebtrestructuringthatyouhavedone.Aonetimesettlementofdues,whichwas
aboutRs131crore,yousettledthatforaconsiderationofRs45crore,howhaveyoufinancedit?
A:WejustraisedsomefundsfromClearwaterCapital.
Q:YouraisedaboutRs128.5crore.Iisthatthetotal?
A:ThatisthedebtportionandwehaveraisedaroundRs40croreinequity.SowewillbegivingRs45
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croretothesecuredlendersagainsttheiroutstandingofRs131crore.Theremainingwillberequiredfor
thelongtermworkingcapitalpurpose.
Q:Inwhichcase,withthedebtandthewarrantsthatyouhaveissuedtoClearwaterCapitalPartners,give
usanideaofwhendoesthedilutiontakesplaceandhowmuchdilutionwilltherebe?
A:ThepresentequityisRs13.52croreandadilutionofaround40lakhsharesmeanstheexpanded
equitywillbeRs17.5crore.Thedilutionwillhappeninnext18months.
Q:Isthereanymoredebtonthebooksasofnow?
A:100%wassecuredlenders.
Q:Sonowyouhavenodebtonyourbooks?
A:Yes.
Q:Intermsofsavingfromaninterestasaresultofthis,giveusanideaofhowmuchthehealthofthe
companyimproves?
A:TheoutstandingofRs131croreisnowsettledforRs45crore.SowewillbetakingawritebackofRs
86croreonthebooks.Alongwiththatthecutoffdatewas31122005,thelastthreequartersinterest,
whichwealreadyaccountedforinourquarterlyresultswouldbewrittenback.Sothatinterestwillbe
approximatelyaroundRs10crore.
Q:Rs165allofthatwillberealizedinFY07?
A:ThepresentoutstandingisaroundRs180crore.
Q:Yourexpectationsfornetsalesandnetprofitsforthisfinancialyear?
A:Icannotgetintospecificnumbersbutthepresentrunrate,whichisRs50crore,wouldatleastimprove
by50%inthenextthreequarters.
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