GTL Infra Q1 net loss widens at Rs 85 cr

The company had posted a net loss of Rs 83.95 cr for the same period a year ago

Telecom tower company GTL Infrastructure today said its net loss has widened at Rs 85.15 crore for the first quarter ended June 30, 2012.

The company had posted a net loss of Rs 83.95 crore for the same period a year ago.

During the quarter, GTL Infrastructure issued 86.98 crore shares to its lenders as part of its package for corporate debt restructuring by converting debentures that were issued to them, the company said in a statement.

The net income from operations of the company during the reported quarter declined marginally at Rs 139.85 crore from Rs 140.51 crore it reported during the corresponding period last fiscal.

At the end of the quarter, the company has $228.3 million Foreign Currency Convertible Bonds (FCCBs) outstanding that can be converted into equity shares of the company by November 22 or redeemed at a premium of 40.40 per cent of the principal amount, GTL Infrastructure statement said.

"The pro-rata premium as on June 30, 2012 works out to Rs 47,553.65 lakh, which has been provided in the books of accounts," it said.

GTL Infrastructure added that it has initiated the process with FCCB holders for restructuring the FCCBs.

Shares of the company today closed at Rs 8.68 on the BSE, down 1.92 per cent compared to its previous close.