GTL Infra board to discuss conversion of $5 mn foreign debt into equity

New Delhi: Telecom tower company GTL Infrastructure said a committee is scheduled to meet on Tuesday to discuss conversion of USD 5 million (Rs 33.35 crore) foreign debt into equity.

"Meeting of the committee will be held on Tuesday, November 8, 2016 to consider allotment of equity shares consequent to conversion notices received for conversation of FCCBs at a conversion price of RS 10 per share," the company said in a BSE filing.

As per the filing, GTL Infrastructure had raised total debt of USD 226.25 million (Rs 1,509 crore) through bonds which include USD 111.74 million (Rs 745.3 crore) worth of Zero Coupon Compulsory Convertible bonds (ZCCCB) due 2017 and USD 207.54 million (Rs 1,384.29 crore) worth of interest bearing convertible bonds due 2017.

The company said that it has outstanding ZCCCB bonds worth USD 32.72 million as on date. Out of this, notice to convert USD 5 million worth ZCCCB bonds have been received by the company.

Post conversion of USD 5 million bonds into equity, the company will be left with bonds worth USD 221.25 million as outstanding debt.

Shares of GTL Infrastructure were trading at Rs 4.42 a unit, down 1.56 per cent from previous close, at BSE today.