GTL Infra get bondholders approval to restructures FCCBs
09 Nov 2012
GTL Infrastructure Ltd has received bondholders' approval to restructure foreign currency convertible bonds (FCCBs) worth nearly $320 million.
The FCCBs have been restructured for a tenure of five years plus one day.
''The successful completion of the restructuring of the FCCBs and rupee debt with the support of the bondholders and lenders demonstrates their belief and conviction in the management's vision to establish GTL Infrastructure as the leading passive telecom infrastructure provider in India,'' said Manoj Tirodkar, chairman, GTL Infrastructure.
Bondholders approved the restructuring of the bonds at a meeting in Singapore.
Of this, 35 per cent will be mandatorily converted into equity at a premium of about 28 per cent over closing price of 7 November, 2012. This will increase the shareholders funds to around Rs600 crore, as and when these bonds are converted.
The equity conversion price of the zero-coupon bond, which was launched in 2007, was fixed at Rs53.04 a share. The stock has fallen nearly 13 per cent so far this year and currently trading at 84 per cent below the previous conversion price.
As of September 2012, GTL Infrastructure's total dent stood at Rs3,576 crore.
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