GTL Infra at record low, tanks 53% in one week
The fresh equity shares of 307.87 million allotted on conversion of FCCBs are listed and permitted for trading on the exchange with effect from December 13, 2012.
GTL Infra has locked in lower circuit of 10% at Rs 4.08 for the fifth day in a row after the company’s new shares allotted on conversion of foreign currency convertible bonds (FCCBs) got listed on the stock exchanges.
The stock of telecom equipment firm tanked 53% in past one week and has seen no buyers on the counter. A combined 3.51 million shares have already changed hands so far and there are pending sell orders for 41.79 million shares on the NSE and BSE.
“The fresh equity shares of 307.87 million allotted on conversion of FCCBs of the company are listed and permitted for trading on the exchange with effect from Thursday, December 13, 2012, “the BSE said in a circular.
In November, GTL Infra had converted 35% of its $319 million, or Rs 1,737 crore, of US dollar-denominated notes into shares at a cost of Rs 10 each. The rest of the debt was swapped for fresh convertible bonds due in 2017.
The total promoter holding in the company has now declined to 20.15% post FCCB’s conversions from 23.75% at the end of September 30, 2012.