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The board of Ortel Communications Ltd on Monday approved revision of terms of finance lease from CISCO. It has increased the finance lease amount up to $1 million (in equivalent of Indian rupee) from the earlier amount of $0.5 million with same interest rate and reduced bank guarantee from 40 per cent to 20 per cent to part-finance the capex requirement. The board also reviewed the utilisation of IPO proceeds. The stock gained 2.5 per cent to ₹178.35 on the NSE.
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