Global Holdings Corp pledges nearly 98% stake in GTL

Global Holdings Corp, one of the promoter group firms of telecom infrastructure company GTL Ltd, has pledged nearly 98% of its shareholding, worth over Rs 164.67 crore, in GTL.

Global Holding Corporation, which is owned by Manoj G Tirodkar, holds over 2.24 crore shares of the company, of which it has pledged 2.2 crore shares, GTL Ltd said.

The value of pledged shares, as per Friday's closing price of Rs 74.85 on the Bombay Stock Exchange (BSE), is Rs 164.67 crore.

GTL, on Friday last week, informed BSE that private sector lender ICICI Bank had acquired 29.30% stake, worth over Rs 213 crore, after invoking the rights on the shares pledged with it.

With this, the bank has now become the major shareholder in GTL but it would be exempted from making any open offer as per the current regulation.

Global Holding Corporation had pledged 2.85 crore shares, representing 29.30% stake, with ICICI Bank.

As on March 31, 2011, Global Holding Corporation held 52.18% stake, or 5.075 crore shares, in GTL Ltd.

Last month, shares of telecom infrastructure firms GTL and GTL Infrastructure came under heavy selling pressure, plunging by over 62% and 43% respectively, amid rumours that their promoters have pledged more than 50% of their stake.

That prompted the companies to lodge a complaint with Sebi for a probe.

There were also rumours that one of the companies has failed to meet Foreign Currency Convertible Bonds (FCCB) repayment obligations. The company, however, clarified that the repayment is due only in 2012.

Last year, GTL group firm GTL Infrastructure struck a deal to take over the telecom tower business of Reliance Communications, which would have created a company with an enterprise value of $11 billion. The deal collapsed when the companies failed to agree on terms.