Shares of GTL Group companies, GTL Infrastructure and GTL have rallied more than 10% each after the GTL Infrastructure said that the promoter group has infused Rs 931 crore into it and a subsidiary, Chennai Network Infrastructure (CNIL), as part of its corporate debt restructuring (CDR).
“In terms of the CDR scheme the promoters have brought in the entire amount of Rs 90.16 crore towards equity of the company. The promoter group has also contributed in the subsidiary of the company viz. Chennai Network Infrastructure Ltd, (CNIL) by Rs 82.72 crore towards equity contribution; and Rs 758.53 crore by way of conversion of unsecured loans in to equity (via GTL Ltd),” GTL Infrastructure said in a filing.
Thus, the promoter and promoter group has contributed Rs 931.41 crore towards equity of both GTL Infrastructure and CNIL together, thereby expressing their confidence in the company and its subsidiary, it added.
Among the individual stocks, GTL has soared over 15% to Rs 39.90 and GTL Infrastructure by 11% to Rs 9.50 on the Bombay Stock Exchange.