By Telecom Lead Team: Telecom infrastructure company GTL
has sought shareholders approval for issue of securities worth over Rs 554
crore to its promoters as well as lenders as part of corporate debt
restructuring efforts.
The issue of these securities would see the promoters pumping in around Rs 233
crore into GTL. The telecom infrastructure company is facing huge debts and the
latest move may assist it to come out of the present issues.
The company is planning to issue Compulsorily Convertible Debentures (CCDs) on
a preferential basis, according to GTL’s notice of postal ballot to its
shareholders.
“… Zero Coupon CCDs and one per cent CCDs are proposed to be issued for
up to Rs 233.38 crore for promoters and Rs 321.37 crore for the CDR lenders and
NCD holders, aggregating Rs 554.75 crore,” according to GTL’s notice of
postal ballot to its shareholders.
The company shall contribute Rs 83.38 crore and may further invest Rs 150 crore
by way of subscriptions to Zero Coupon CCDs.
“The proposed preferential issue of Zero Coupon CCDs to the promoters…
shall be subscribed by Global Holding Corp in which Manoj Tirodkar, chairman
and managing director of the company (GTL), has got an interest,” the
notice said.
None of the directors or key management persons except Tirodkar intend to
subscribe to the CCDs.
As per the notice, the existing promoters would continue to have control of the
company and there would not be any management change after the preferential
allotments of the CCDs. The company’s debt recast plans were approved in
December last year.
