GTL Infrastructure Ltd (GIL), a pioneer in shared passive telecom infrastructure in India, has achieved a financial closure of Rs 7,500 crore by way of debt and equity from a slew of national and international investors. GIL, a subsidiary of telecom network major GTL, will use the amount to rollout 23,700 towers in the country.
The company had raised Rs 2,905 crore by way of equity offerings and quasi equity instruments like preferential warrants and foreign currency convertible bonds (FCCBs). It has concluded a 1:1 rights issue at par in September 2007, adding Rs 336 crore to its equity capital.
In November 2007 it issued warrants worth Rs 1,054 crore on a preferential basis to investors including the promoters. The promoters had committed Rs 670 crore through warrants. The company had also completed a zero coupon FCCB issue of Rs 1,179 crore in November 2007.
Around 93 global investors including Citigroup, Morgan Stanley, Lehman Brothers, Deustche Bank, Credit Suisse and GLG Partners participated in the issue. The issue was over subscribed 4.41 times.
The company has received debt sanctions of Rs 4,999 crore for the project from international and domestic banks and financial institutions in two phases. Debt sanctions of Rs 1,470 crore and Rs 3,529 crore were received in phase I and II of the debt syndication exercise.
The shared passive telecom infrastructure major will use the funding for rolling out of an additional 17,000 base transceiver stations (BTS) across the 22 circles in the country. GIL, which at present has a portfolio of over 8,000 towers under various stages of completion, is in the process of rolling out 23,700 towers by the financial year 2011.
