GTL Infra spurts as committee to consider conversion of FCCBs into shares

GTL Infrastructure was locked at 5% upper circuit at Rs 1.81 at 9:38 IST on BSE after the firm said it will consider allotment of equity shares consequent upon conversion notice received for conversion of FCCB at a conversion price of Rs 10 per share

The announcement was made after market hours on Wednesday, 9 April 2014.

Meanwhile, the S&P BSE Sensex was up 77.11 points or 0.34% at 22,779.45.

On BSE, so far 2.65 lakh shares were traded in the counter as against average daily volume of 4.35 lakh shares in the past two weeks.

The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 1.81 so far in the day.

GTL Infrastructure said that a meeting of the committee will be held today, 10 April 2014, to consider allotment of equity shares consequent upon conversion notice received for conversion of foreign currency convertible bonds (FCCBs) at a conversion price of Rs 10 per share, in terms of the Offering Circular dated October 17, 2012.

The total value of zero coupon compulsorily convertible bonds (ZCCBs) due 2017 (Series A Bonds) for which conversion notices received amounts to $342,000. Balance outstanding value of ZCCBs after proposed conversion stands at $52,091,000 and interest bearing convertible bonds due 2017 (Series B Bonds) stands at $193,543,000, totaling $245,634,000 of balance outstanding value of Bonds after proposed conversion.

GTL Infrastructure reported a net loss of Rs 87.49 crore in Q3 December 2013, higher than net loss of Rs 85.46 crore in Q3 December 2012. Net sales rose 1.3% to Rs 144.06 crore in Q3 December 2013 over Q3 December 2012.

GTL Infrastructure is in the business of Shared Passive Telecom Infrastructure in India. GTL Infrastructure has a portfolio of towers serving all the major cellular operators.

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