Bucking the weak stock market, shares of telecom infrastructure firm GTL Infra and its parent company GTL Ltd today rallied on the bourses on expectations of a potential debt recast by their promoters.
Driven by the news of a meeting to contemplate converting some debts of the GTL group promoters into equity, the GTL shares skyrocketed 18.89 per cent to a high of Rs 45.30 in the intra-day trade on the BSE. GTL Infrastructure scrip also soared 17.57 per cent to Rs 10.10 on the BSE.
GTL stock finally settled 10.76 per cent higher at Rs 42.20, while GTL Infra ended at Rs 9.55, up 11.18 per cent from the last closing price.
As per reports, promoters of GTL and GTL Infra might convert Rs 950 crore loan into equity shares.
The Corporate Debt Restructuring (CDR) cell was scheduled to meet today to contemplate the debt to equity conversion proposal.