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The committee of GTL Infrastructure in its meeting on 17 July 2012 has allotted 4,463,588 one percent compulsorily convertible debentures (CCDs) and 202,169 zero coupon CCDs of Rs 100 each to CDR lenders; viz. Life Insurance Corporation of India, Dena Bank and 4,491,000 zero percent CCDs of Rs 100 each to promoters, aggregating 9,156,757 CCDs.
The said allotment of CCDs is in terms of the letter of approval dated 23 December 2011 issued by the CDR Empowered Group (EG) approving the restructuring proposal of the company under CDR system.
Consequently, 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 (CNIL), amounting Rs 82.72 crore towards equity contribution and Rs 758.53 crore by way of conversion of unsecured loans in to equity (via GTL).
Thus, the promoter and promoter group has contributed Rs 931.41 crore towards equity of both GIL and CNIL together, thereby expressing their confidence in the company and its subsidiary.
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