GTL Infrastructure announces rights issue at par in the ratio 1:1

GTL Infrastructure Ltd has announced that the Company, a pioneer in shared user passive telecom infrastructure, is in midst of rolling out a pan India passive telecom network of 6700 towers with a capital investment of Rs 2030 crores, in Phases I. The leading telecom operators have shown keen interest in the services offered by the Company. In order to address the growth in business the Board of Directors considered various options for augmenting financial resources.

At the Board meeting held on January 02, 2007, the Board approved a rights issue at par (at Rs 10/- per share) in the ratio of one share for every share held by existing shareholders subject to necessary approvals, if any. The record date will be announced in due course.

The Board has also constituted a Committee of Directors for finalizing other terms and conditions of the issue, appointment of intermediaries and other related matters.

The Board has also inter alia decided to convene an Extra Ordinary General Meeting of the shareholders for increasing the Authorised Share Capital of the Company and issue of shares.

Source : Equity Bulls

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