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Promoters to infuse Rs 233cr in GTL via debentures
Debt-ridden GTL Infrastructure today said it will infuse Rs 223 crore into the company through convertible debentures on preferential basis, reports CNBC-TV18.
Debt-ridden GTL Ltd today said it will infuse Rs 223 crore into the company through convertible debentures on preferential basis, reports CNBC-TV18.
In December, the lenders had agreed to transfer ICICI Bank's debt from GTL to the books of Chennai Network Infra Limited (CNIL), which is also one of the group companies of GTL and is under CDR.
In return, ICICI will transfer its 29.5% stake in GTL back to its promoters, according to sources. The promoter stake will rise to 52.8% from the current 23.5% post the preferential allotment.
GTL Infra, the cellphone towers company, saw a phenomenal crash in its shares in June 2011. The stock had halved in value within just three trading days on concerns of promoter pledge shares.
Sources say the telecom infrastructure company will issue Rs 321 crore worth of convertible debentures to banks and NCD holders.
GTL has a total debt of Rs 6,000 crore, which has been extended for a period of eight years. The average interest rate has been cut down to 11%.
GTL Infrastructure , a subsidary of GTL, has a total debt of Rs 10,000 crore. The debt tenure has been extended to 15 years with 18 months moratorium. The average interest rate has been cut down to 10.75%.
Shares of GTL Ltd were trading 11% higher at Rs 58.90, while shares of GTL Infrastructure were trading 8.54% higher at Rs 13.85 in afternoon trade.
