Global Assets Holding Corporation (GHC), the holding company of network services provider GTL and GTL Infrastructure (GIL), will offload anywhere between 9-30 per cent stake to foreign investors, which will fetch it anywhere between $150-300 million (around Rs 600-1200 crore).
"On receipt of Foreign Investment Promotion Board (FIPB) approvals, we will look at selling anywhere between 9-30 per cent stake. The proceeds from the stake sale would be infused into both GTL to increase GHC's stake in GTL and GIL," GTL Chairman and Managing Director Manoj Tirodkar told reporters.
The company had approached FIPB seeking approvals for offloading the stake to a clutch of foreign investors earlier, and at present in awaiting the board nod.
Singapore's SC Bank private equity fund, Mauritius's Technology Infrastructure and Park Holding Finance Corporation of Virgin Islands were the companies that were believed to be in talks for the stake.
GTL posted an 88.65 per cent increase in net profit at Rs 39.24 crore in third quarter ended December 31, 2007, compared with Rs 20.80 crore recorded during the same period of the corresponding quarter. The company's net sales and services for the quarter rose to Rs 450.31 crore, from Rs 293.47 crore recorded during the same period a year ago.
The gross profit for the quarter stood at Rs 115.14 crore, as against Rs 64.84 crore recorded during the same period of previous financial year. The increase in gross profit was mainly due to shift in company's business mix towards higher margin businesses and increased revenue from international operations.
GTL's total manpower of the company stood at 4,642 as on December 31, 2007, as against 4,121 employees as on December 31, 2006. The increase in manpower was also on account of acquisitions made during the year, he added. |
