GTL, GTL Infra gain 5% on board nod for debt revamp

GTL Group shares— GTL and GTL Infrastructure are trading higher by 5% each after these companies said they received letter of approval from the Corporate Debt Restructuring (CDR) Cell, Mumbai, for restructuring loans.

“A Committee of the Board is constituted to discuss, negotiate, finalise the various terms and conditions stipulated therein, inter-alia Issuance of Securities in terms of the CDR process," GTL said in a filing to the stock exchanges.

GTL Infrastructure CFO Prasanna Bidnurkar has been re-designated as Head (CDR) and will be responsible for all the matters related to the CDR.

Meanwhile, the Committee formed will also consider withdrawal of scheme of arrangement between the company and Chennai Network Infrastructure and consider fresh scheme of amalgamation.

GTL and GTL Infrastructure are trading higher by 5% each at Rs 39 and Rs 9.40 in early trades on the National Stock Exchange respectively.