Mumbai, March 24
GTL has acquired shareholder approval for amendment of the articles of association of the company as well as for its scheme of reconstruction.
The restructuring of GTL involves splitting its business into two companies, Network Services (GTL) and Infrastructure ownership (GIL); GTL's wholly owned subsidiary GTL Technology Investments will be merged with GTL.
A part of the IT Services division, comprising an Infrastructure undertaking (erstwhile E-Business Infrastructure division) will be de-merged from GTL and merged into GIL pursuant to a court approved scheme of reconstruction.
The shares of GIL are proposed to be listed on the stock exchanges, subject to approval from them and from SEBI.
The Chairman of the company, Mr Manoj Tirodkar, recently announced that he was interested in increasing his won shareholding in GTL through Global Assets Holding Corporation Pvt. Ltd, in which he has beneficial interest.
His shareholding together with persons acting in concert is currently about 25.83 per cent of the existing equity share capital of GTL.