GTL slumps as promoters pledge more shares

The promoters have pledged additional 18% stake of total equity of the company with IDBI Trusteeship Services.

GTL Limited has dipped 4% at Rs 28.05, its historic low after its promoters pledged additional 18% stake of total equity of the company with IDBI Trusteeship Services.

“GTL has pledged 28.5 million equity shares representing 18.16% of total share capital of the company with IDBI Trusteeship Services Limited in the capacity of security trustee for the benefit of the lenders,” the company said in a filing.

The creation of pledge for securing loan extended to Chennai Network Infrastructure Limited by lenders, it added.

With these additional pledge, the promoters of telecom infrastructure firm pledged 72% of its holding in the company with lenders, stock exchange disclosure showed. Manoj Tirodkar-controlled Global Holding Corporation, which has a holding of over 44%, has pledged 50.05 million shares.

 

The stock opened at Rs 29.05 and hit a high of Rs 29.50 on the NSE. A combined 551,556 shares have changed hands on the counter so far.