New Delhi: 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 the debt-laden GTL.
The company, which is burdened with huge debts, plans 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 percent 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, it noted.
"The proposed preferential issue of Zero Coupon CCDs to the promoters... shall be subscribed by Global Holding Corp Private Ltd 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.
Shares of GTL jumped nine percent to Rs 57.70 on the BSE.
First Published: Saturday, February 18, 2012, 00:22