GTL Infrastructure to consider FCCBs conversion tomorrow

Loss-making mobile tower firm GTL Infrastructure will consider tomorrow bondholders' request to convert FCCBs worth USD 48,000 into equity shares.
The company had issued a series of foreign currency convertible bonds (FCCBs) worth USD 242.57 million in 2012. The bonds are due in 2017.
The total value of bonds for which conversion notices have been received stood at USD 48,000, the company said in a regulatory filing.
"... We have to inform you that a meeting of the committee will be held on October 8, 2015, to consider allotment of equity shares, consequent of conversion notice received for conversion of FCCBs at a conversion price of Rs 10 per share," it added.

The company had reported a net loss of Rs 196.69 crore for the quarter ended June 30, 2015. Its total income for the reported quarter stood at Rs 153.71 crore.