GTL Infrastructure clarifies on reduction in FCCB conversion price

GTL Infrastructure Ltd has clarified with reference to the news item appearing in a leading financial daily titled "Cos offer to sweeten FCCB conversions", wherein it is stated that the Company has reduced the conversion price.

The conversion price for our bonds was originally fixed at Rs 53.04/- per share and not Rs 74.50/- per share as stated in the news item. All the conversions have taken place at this conversion price of Rs 53.04/- per share only. In fact we have overwhelming response for conversion. Since the issue of our FCCBs in November 2007, the Company has received conversion request worth USD 52.80 million at the original conversion price of Rs 53.04/- per share only.

We have never ever been in any discussion with any of the investors to reset, renegotiate or to offer additional number of shares.

The stock was trading at Rs.36.75, down by Rs.0.15 or 0.41%. The stock hit an intraday high of Rs.37.75 and low of Rs.36.60.

The total traded quantity was 148308 compared to 2 week average of 925259.

Source : Equity Bulls

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