Ortel Communications (OCL), a regional cable television and a high speed broadband services provider, said Monday Karnataka Bank, the lead banker of the company, in the consortium meeting with other bankers and company held today agreed to reduce the rate of interest of the existing loans availed by the company from present rate of 14.25% per annum to revised rate of 13.50% per annum.
"This will strengthen the company's balance sheet and lead to notable savings in interest costs. In addition, the company is actively working towards further reduction in overall interest costs," the company said.
Shares of the company declined Rs 5.90, or 3.41%, to trade at Rs 167. The total volume of shares traded was 723 at the BSE (3.28 p.m., Monday).