Aiming to revamp their assets, GTL Ltd and GTL infrastructure Ltd planned to sell their assets and with this news, the shares of both the companies rose.
GTL Ltd traded at Rs. 70, which means that its shares were up by Rs. 0.70 or 1% as compared to the previous close. With this, it touched the day’s highest value of Rs. 71 and the lowest at Rs. 69.
At the same time, the shares of GTL Infrastructure Ltd also rose by 0.78%. They were found trading at Rs. 14, which means they gained of Rs. 0.11. The volume of overall traded quantity has been stated as 1.28 lakhs shares on the BSE.
ICICI bank has recently opposed the merger between Chennai Network Infrastructure (CNIL) and Mumbai-based group's telecom tower arms, GTL Infrastructure. Following this, the troubled GTL promoter Manoj Tirodkar and ICICI Bank are trying to settle the issue.
This proposed merger has been already approved by the shareholders, but then, India’s largest private sector lender wants to be "consulted" prior the proceedings of this proposal.
With this merger, the corporate debt restructuring process of the beleaguered group which is presently underway will be boosted and therefore, all other lenders have already approved it.