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Journalism of Courage
Shares of debt-ridden telecom infrastructure firm GTL Ltd surged by 8.52 per cent on the BSE on reports that lenders have approved the debt restructuring proposal of the company.
Defying the weakness in the broader market,GTL closed 8.52 per cent higher at Rs 68.75 apiece on the BSE. During intra-day trade,the stock value accelerated by 13.81 per cent to Rs 72.10 apiece.
Another group company GTL Infrastructure also rose by 4.4 per cent to Rs 13.51 on the BSE.
On the National Stock Exchange,GTL scrip jumped 7.24 per cent to Rs 68.15,while GTL Infrastructure moved up 3.85 per cent to Rs 13.50 apiece.
“The buzz of the debt restructuring proposal by lenders was the main driver of rally in both the counters,” CNI Research Chairman and Managing Director Kishor Ostwal said.
As per the media reports,both group firms are embroiled in a debt-restructuring exercise with two dozen lenders. GTL has debts of about Rs 6,000 crore and GTL Infrastructure has debts of about Rs 11,000 crore.
Meanwhile,the 30-share Sensex today shed 188.48 points or 1.11 per cent to close at 16,745.35 level.
