Telecom tower infrastructure provider GTL Infrastructure said on Tuesday that the company has allotted 44.64 lakh, 1% compulsory covertible debentures (CCDs) and two lakh zero-coupon CCDs of R100 each to its corporate debt restructuring (CDR) lenders ? Life Insurance Corporation of India and Dena Bank.
It also allotted 45 lakh zero-percent CCDs of R100 each to promoters, totalling 91.56 lakh CCDs. ?The allotment of CCDs is in terms of the letter of approval dated December 23, 2011, issued by the CDR Empowered Group (EG), approving the restructuring proposal of the company under the CDR system,? it said in a statement.
Consequently, in terms of the CDR scheme, the promoters have brought in an entire amount of R90.16 crore towards equity of the company.
The promoter group has also contributed to Chennai Network Infrastructure (CNIL), subsidiary of the company, R82.72 crore towards equity contribution; and R758.53 crore by way of conversion of unsecured loans in to equity (via GTL).
Thus, the promoter and promoter group have contributed R931.41 crore towards equity of both GIL and CNIL together. Lenders had approved a CDR plan for GTL Infra’s R10,000-crore debt in December. Shares of GTL Infra were 2.4% down on the BSE to close at R8.54.