GTL issues 263 million warrants, divests stake to PE fund

Advanced Search

Feedback

Reader's Poll

Any data to show

Teledata

Mobile Subscribers Yearwise comparision

GTL issues 263 million warrants, divests stake to PE fund

November 15, 2007

Be the first to comment!

GTL Infrastructure Limited (GIL) has received investment commitments of Rs 10.55 billion from members of its promoter group including Global Assets Holding Corporation, Industrial Development Finance Company (IDFC) and Technology Infrastructure Limited. GIL has issued 263.7 million warrants to these promoters. The warrants will be converted into equity shares at Rs 40 over an 18month period. Global Assets and GTL, which had earlier invested about Rs 3.15 billion, have now committed Rs 6.7 billion, taking their total investment in GIL to over Rs 9.85 billion. IDFC, which had earlier invested close to Rs 330 million in exchange for stake, will now invest Rs 1.85 billion, taking its total investment in GIL to Rs 2.18 billion. GIL plans to use the funds for expansion projects including the rollout of towers. GIL has also reportedly divested stake worth $250$275 million to a foreign private equity (PE) fund. However, the company has disclosed neither the name of the PE fund nor the percentage of stake divested.