GTL Infra tanks 20% on heavy volumes

A fresh equity shares of 307.87 million allotted on conversion of FCCBs of the company are listed with effect from today.

GTL Infrastructure has locked in 20% lower circuit at Rs 6.97 on the BSE after the fresh shares of more than 300 million allotted on conversion of Foreign Currency Convertible Bonds (FCCBs) got listed today.

“The fresh equity shares of 307.87 million allotted on conversion of Foreign Currency Convertible Bonds (FCCBs) of the company are listed and permitted for trading on the exchange with effect from Thursday, , December  13, 2012,” BSE said in a circular.

Recently, the company had restructured FCCBs worth $300 million, which were due on November 29, 2012, for tenure of five years. The company has allotted the said shares on conversion of FCCBs due 2017.

 

A combined 1.79 million shares have already changed hands on the counter so far and there are pending sell orders for as many as around 108 million shares on the BSE and NSE.