Global Trust to rewrite fiscal 2002 balance sheet
Newbridge Capital may pick up a 49 per cent stake in Global Trust Bank, which is in the process of rewriting its fiscal 2002 balance sheet by making additional provisions to take care of its bloated non-performing assets (NPAs).
According to sources close to the bank, the US-based private equity fund has agreed in-principle to take a close look at GTB and a clear picture will emerge in the first week of June. Lazard India is working on the capital restructuring for the Hyderabad-based bank.
Former CEO and promoter Ramesh Gelli said: