Shares of GTL twins bounced after the lenders have approved the debt restructuring proposal for the two companies, reports CNBC-TV18's Gopika Gopakumar.
According to sources, SBI Caps, which is the advisor to GTL, has proposed a restructuring package for the company. Under this basic restructuring package, loans will be restructured over a period of eight years and the interest rate will be reduced from 13.5% to around 10.8%.
Sixteen lenders, including Standard Chartered Bank, Bank of India, Andhra Bank and IDBI have agreed for corporate debt restructuring.
ICICI Bank, which had earlier converted their pledged shares into equity and currently hold around 29.3% stake in GTL, did not vote for or against CDR process.
CNBC-TV18 learns from sources that ICICI Bank is currently negotiating with the company separately to restructure the loans given to GTL.
GTL had also taken USD 150 million worth EBCs from 10 banks. Sources say bankers will have to restructure these forex loans to a later date because the repayment date for them was today (September 19).
Bankers say much of GTL’s Rs 6,000 crore debt is unsecured. That’s the reason why it has taken time to agree upon the CDR package unlike in the case GTL Infra, which had earlier gone in for CDR.
Shares of GTL closed trade on Monday, up Rs 5.40, or 8.52% at Rs 68.75.
Source: www.moneycontrol.com
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