GTL Infra board to discuss conversion of $5 million debt to equity

Telecom tower company GTL Infrastructure said a committee is scheduled to meet on Tuesday to discuss the conversion of $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 $226.25 million (Rs 1,509 crore) through bonds which include $111.74 million (Rs 745.3 crore) worth of Zero Coupon Compulsory Convertible bonds (ZCCCB) due 2017 and $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 $32.72 million as on date. Out of this, notice to convert $5 million worth ZCCCB bonds have been received by the company.

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

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