Rolta India offers to restructure debt of $1 billion

The rejig announcement helped the stock jump Rs 7.75 or Rs 14.54% to close at Rs 61.05

Rolta India has offered to issue two five-year bonds of $500 million each its bondholders in exchange of outstanding debt of around $1 billion, which it struggles to pay owning to slowing enterprise business and sunken investments in a major Indian defence project. 

The bonds would be in payment-in-kind of 2 per cent, which means the interest would be paid in additional bonds than by cash. The rejig announcement helped the stock jump Rs 7.75 or Rs 14.54 per cent to close at Rs 61.05 on the BSE on Monday.

The company, which offers technology solutions, won a Rs 50,000-crore