Working capital stress due to delayed payments: Rolta

IT firm Rolta today said it is "diligently working" on addressing the working capital stress it is facing on account of delayed payments.
The company, which works majorly with Indian government agencies, has delayed a coupon payment of USD 6.8 million on a USD 127 million foreign currency bond issue due in 2018 that was scheduled to be made last month.
It had earlier failed to make payments on a USD 35 million loan.
"Rolta has had to continue incurring significant expenses on a very prestigious and time-bound defence 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," Rolta said in a statement.

As a result, Rolta has been unable to meet its recent obligations towards interest payment on Bonds/ECB installment, it added.
"Rolta management is diligently working on addressing the overall situation in a comprehensive manner in consultation with its bankers and strategic advisors," it said.

The aim is to arrive at an acceptable solution in the interest of all stakeholders, it added.
Rolta said it is committed to finding a viable resolution and will inform all stakeholders at the earliest possible opportunity.
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: https://bsmedia.business-standard.comwww.Rolta.Com

Media Contact:
Ramakrishna Prabhu
Ramakrishna.Prabhu@rolta.Com
+91 (22) 2926 6666
Director, Corporate Affairs and CFO, Member of the Board
Rolta India Ltd.
Photo: http://photos.Prnewswire.