Shared telecom infrastructure service provider GTL Infrastructure (GIL) has received investments of Rs 1,055 crore from its promoter group, including Global Assets Holding Corporation Ltd (GHC), Industrial Development Finance Company (IDFC) and Technology Infrastructure Ltd (TIF).
The company has issued 26.37 crore warrants to the promoters that will be converted into equity shares at Rs 40 over an 18-month period, GIL informed the stock exchanges today.
The company would use the funds for its expansion projects, including rolling out of towers in the country. At present, GIL has around 3,500 towers and the company was planning to increase this to 25,000 towers in the next 3-5 years.
GHC is the holding company of the Global group of companies, which include network services provider GTL and GIL.
GHC and GTL had invested around Rs 315 crore and have now committed an additional Rs 670 crores, taking the total investments to over Rs 985 crores in GIL.
TIF is a diversified infrastructure fund, with foreign investment banks as participants, while IDFC is a leading financial institution. IDFC has invested close to Rs 33 crore in exchange for a stake sale, while it would invest an additional Rs 185 crore taking the total investment in GIL to Rs 218 crore. |
