The Hindu Business Line : Global Trust Bank mulls rights issue

Mr Sudhakar Gande, Managing Director, Global Trust Bank, immediately after the board meeting here on Monday said, "We are looking at raising Rs 500-600 crore but the modalities are yet to be worked out. We will probably have a rights issue but the entire amount will not be raised through that route alone. We will finalise the details in 2-3 weeks.''

The merchant bankers Lazard India Ltd, Ambit Finance and JM Morgan Stanley Pvt Ltd made presentations to the board on various options that can be exercised for raising the requisite capital.

Global Trust Bank (GTB) had made provisions and write-offs of Rs 309.14 crore in view of the negative impact on its exposure to capital market and other sensitive segments in the earlier years and suffered a net loss of Rs 272.7 crore for the fiscal ended March 31, 2003.

Mr Gande, however, said no decision had been taken on the strategic investor front. Earlier, it was reportedly known that the US-based Newbridge Capital, DBS of Singapore and Shinsei Bank of Japan were interested in acquiring stake in GTB.

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