GTL, GTL Infra rope in SBI Cap to review biz

Telecom infrastructure firms GTL and GTL Infrastructure have roped in SBI Capital Markets to review their businesses and financial performance and obligations, a move aimed at dispelling investors' concerns arising from the recent plunge in their stocks.

"The company has proactively appointed SBI Capital Markets to review and assess the present and future working of the sector, company, its financials and obligations; and to suggest/advise any appropriate steps/remedies required to protect lender's interest," GTL and GTL Infrastructure said in separate filings to the Bombay Stock Exchange.

SBI Caps has been requested to appraise and prepare a report within 30 days, they added.

The companies had called for a meeting of lenders to update them of current events, the filings said.

"This communication is being provided to dispel any adverse "rumours" being spread against the company, which have caused tremendous harm to the minority shareholders," they said.

GTL holds a majority stake in telecom tower firm GTL Infrastructure.

Last week, GTL and GTL Infrastructure stocks plunged by over 62% and 43%, respectively, amid rumours that their promoters have pledged more than 50% of their stake.

The companies had clarified that "neither promoters nor entities relating to promoters have sold any shares, including the shares that have been pledged".

It added that only 12.85% of GTL shares have been pledged. The companies had also said they would approach market regulator Sebi for a probe.

In the latest statements, the founder has sought to reassure investors, saying he "will take all necessary steps to safeguard the interest of all stakeholders."

Shares of GTL were trading at Rs 108.60 on the BSE, down by 1.05% from their previous close, while GTL Infra was trading at Rs 15.75, down 1.87%, at 1330 hours.