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Mumbai, September 4: : GTL Infrastructure has achieved financial closure of its Rs 7,265-crore project to roll out 15,700 telecom towers in the country.
The Rs 7,265-crore is financed through a mix of debt and equity, a source close to the development said.
The company has received aggregate debt sanctions of Rs 4,999-crore from international, domestic banks and financial institutions in two phases, the source said.
The international lenders include Germany-based DEG and Asian Development Bank.
GTL Infrastructure plans to put up 23,700 towers by financial year 2011. Presently, it has 8,000 towers.
Telecom towers are passive infrastructure shared by telecom operators.
The company raised Rs 2,905-crore by equity, preferential warrants and Foreign Currency Convertible Bonds in November 2007.
The company concluded a 1:1 rights issue in September 2007 adding Rs 336 crore to its equity capital.
In November 2007, it issued warrants worth Rs 1,054 crore. The promoters undertook Zero Coupon FCCB issue of Rs 1,179 crore in November 2007.
The issue was oversubscribed 4.41 times by 93 global investors inlcuding Citigroup, Morgan Stanley, Lehman Brothers, Deutsche Bank, Credit Suisse and GLG Partners.
GTL Infrastructure stocks in BSE closed at Rs 40.20.
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