Allotment of Compulsorily Convertible Debentures (CCDs)

| Updated on July 17, 2012 Published on July 17, 2012

GTL Infrastructure Ltd has informed BSE that the Committee of Board at its meeting held July 17, 2012, has allotted 4,463,588 one percent CCDs and 202,169 Zero Coupon CCDs of Rs.100/- each to CDR Lenders; viz. Life Insurance Corporation of India, Dena Bank and 4,491,000 Zero percent CCDs of Rs.100/- each to Promoters, aggregating 9,156,757 CCDs.

The said allotment of CCDs is in terms of the Letter of Approval dated December 23, 2011 issued by the CDR Empowered Group (EG) approving the restructuring proposal of the Company under CDR system.

Consequently, in terms of the CDR Scheme the Promoters have brought in the entire amount of Rs. 90.16 Crores towards equity of the Company.

The Promoter Group has also contributed in the subsidiary of the Company viz. Chennai Network Infrastructure Ltd, (CNIL) the following amounts:

1. Rs. 82.72 Crore towards equity contribution; and

2. Rs. 758.53 Crore by way of conversion of unsecured loans in to equity (via GTL Ltd).

Thus, the Promoter and Promoter group has contributed Rs. 931.41 cr towards equity of both GIL and CNIL together, thereby expressing their confidence in the Company and its subsidiary.

Source : BSE - >www.bseindia.com

Published on July 17, 2012
This article is closed for comments.
Please Email the Editor