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Our Bureau

Hyderabad , Aug.18

Silverline Technologies Ltd has announced that it has worked out a one-time settlement (OTS) with the guidance of the company's restructuring advisors, Firstcall India Equity Advisors.

As per the formula worked out, this settlement would be completed with the non-convertible debenture holders (NCD holders), institutions and banks.

The promoters of the company have also decided to increase their stake in the company through creeping acquisition route.

With the above settlement and recent growth strategy planned, the company, in a statement to the Bombay Stock Exchange, expressed confidence of strong growth in the coming years.

The Chairman of Silverline, Mr Ravi Subramanian, had earlier this year informed the BSE that the company would continue to focus its efforts to restructure and grow its operations to deliver value to clients, employees and shareholders.

Silverline has entered into a strategic relationship with a Canadian firm, MilliniumCare Inc, and has initiated the launch of its Infrastructure Technology Outsourcing (ITO) practice to serve clients globally.

With the turnaround from financial year 2005-06, the company is expanding its IT consulting practice as well as laying the foundation for its technical support practice. During 2003-04, the company passed through a financial crisis and closed down some of its US operations.

More Stories on : Software | Restructuring

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