GTL Infra surges after allotment of shares upon FCCB conversion

GTL Infrastructure was locked at 5% upper circuit at Rs 1.90 at 9:53 IST on BSE after the company said it has allotted 18.55 lakh equity shares upon conversion of FCCBs at a conversion price of Rs 10 per share.

The announcement was made after market hours on Thursday, 10 April 2014.

Meanwhile, the S&P BSE Sensex was down 135.72 points or 0.6% at 22,579.61.

On BSE, so far 7.41 lakh shares were traded in the counter as against average daily volume of 4.49 lakh shares in the past two weeks.

The stock hit a low of Rs 1.84 so far during the day.

GTL Infrastructure said that the Committee of the company at its meeting held on Thursday, 10 April 2014, allotted 18.55 lakh equity shares consequent upon conversion of 342 foreign currency convertible bonds (FCCBs) of $1,000 each (Conversion A Bonds) at a conversion price of Rs 10 per share, in terms of the Offering Circular dated 17 October 2012 for issue of $111,740,000 Zero Coupon Compulsorily Convertible Bonds (ZCCBs) due 2017 (Series A Bonds).

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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