GTL issues NCDs worth Rs 1,400 crore to its lenders

17 Aug 2012 Evaluate

Telecom infrastructure services firm, GTL has issued non-convertible debentures (NCDs) worth Rs 1,400 crore to its lenders as part of a corporate debt restructuring package. The company in a filing to the BSE has informed that it has issued 14,000 rated, redeemable NCDs each with face value of Rs 10 lakh -- aggregating to Rs 1,400 crore.

The company currently owes the debenture holders an amount of over Rs 20.22 crore as interest which has accrued in relation to the NCDs upto July 1, 2011 (Unpaid interest).

The company said that the principal amount of Rs 1,400 crore and unpaid interest amount of Rs 20.22 crore aggregating Rs 1,422 crore have been aggregated as the obligation of the company under the NCDs, which are proposed to be restructured by the company.

GTL is engaged in providing network-related solutions to various telecom service providers and technology providers (OEMs), globally. The company provides network-related solutions to the telecom carriers through its Network Services Division (NSD) covering the entire network life cycle, i.e., from network planning and designing, rollout of network and application management and operations & maintenance.

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