Tulip Telecom Limited : Final press release -CDR completion 01/08/2013 |

Tulip Telecom announces completion of CDR; signing of Master Restructuring Agreement (MRA)

• 12 year door-to-door repayment plan
• Interest rates reduced
• 1.5 year moratorium on Interest and 2.5 year moratorium on Principal Repayments
• Promoters' infusion of approximately Rs 60 crores under CDR requirement completed.

New Delhi, 1st August, 2013 - Tulip Telecom, India's leading Enterprise Data Services provider, today announced the implementation of its CDR package with signing of the Master Restructuring Agreement (MRA).

Tulip filed for restructuring of its debt in Dec 2012, under India's CDR mechanism and had subsequently got final approval from the CDR. The package covers 12 year door-to-door repayment plan; reduction in interest rates by approximately two and half percent; one and half year moratorium on interest and two and half year moratorium on principal.

Speaking of the development, Lt Col H S Bedi Chairman and Managing Director, Tulip Telecom Ltd said "We are pleased to report the implementation of CDR process today and would like to extend our gratitude to our lenders for their confidence in the company and the viability of our business. The complete implementation of the CDR package in a relatively short time is a testimony to the strength of our business and our capability to secure leadership position as an Enterprise Data Connectivity provider."

"The rapid process of past several months- including formal approval of the CDR in just over 3 months, signing of MRA, would have not been possible without the support of our lenders, and all other stakeholder in this critical phase."

About Tulip Telecom Ltd:

Tulip Telecom Ltd. (BSE: 532691/NSE: TULIP) is India's leading Enterprise Communications Service provider. The Company's data network has the largest reach of over 2,000 locations globally. The Company has a global presence with over 4,000 employees and more than 2,700 customers. Tulip designs, implements and manages communication networks of large enterprises on long term contracts to include enterprise communications connectivity, network integration, managed services and Data Centers. Through its subsidiary, it also owns the world's third largest data centre.

To know more about Tulip Telecom visit our websitewww.tulip.net or join us on Twitter and LinkedIn.

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