Jan 2, 2007

GTL Infra to raise Rs 340cr via 1:1 rights

GTL Infrastructure, a subsidiary of telecom solutions provider GTL, is planning to raise Rs 340 crore through a rights issue.The company’s board, which met today, approved a rights issue at par (Rs 10 per share) in the ratio of 1:1 (one rights share for every share held).

The record date for the issue would be announced later. "The issue will hit the market after regulatory and statutory approvals, and it might take another 60-90 days,” Manoj G Tirodkar, chairman and managing director of GTL, said.GTL holds 41% stake in GTL Infrastructure, while Tirodkar holds 10% stake.

Institutions like IDFC and others hold the remaining stake in the company.The company is planning to roll-out a passive telecom network of 6,700 towers with an investment of Rs 2,030 crore in phases, and the proceeds from the rights issue would also be used for this, Tirodkar said.


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