GTL group stocks— GTL and GTL Infra have rallied more than 15% each on reports that the management of GTL group has resolved all differences to finalise a comprehensive debt restructuring plan for its group companies.
The group three companies — the flagship GTL Ltd, GTL Infrastructure and Chennai Networks Infrastructure Ltd (CNIL), a special purpose vehicle (SPV) used to acquire Aircel’s tower portfolio,have a combined debt of Rs 16,200 crore.
“All lenders had agreed on the basic plan, advised by law firm Luthra & Luthra to finalise the Master Restructuring Agreement (MRA), which is expected within the next fortnight. Implementation of the Corporate Debt Restructuring (CDR) package will be completed in the next 120 days," the report suggests.
Among the individual stocks, GTL has rallied 16% to Rs 37.35 and GTL Infra by 16.5% to Rs 9.80 on the Bombay Stock Exchange.
