Diamond Cables pays Rs 45cr to settle dues

Diamond Cables has concluded a one-time settlement (OTS) of dues, aggregating Rs 131.30 crore, with 100% of secured lenders for a total consideration of Rs 45 crore.

According to a release issued by the company to the BSE today, the net worth of the company would increase by Rs 86.6 crore, which would translate to an increase in book value by Rs 64 per share.

"The above settlement was done with a cut-off date as on December 31, 2005. Therefore, the interest accrued & accounted for during the period Jan 1, 2006 till date shall be written back to the companies books as one-time gain," the release added.