GTL Infrastructure plans to raise Rs 3.4 billion through a 1:1 rights issue to fund its Rs 21 billion infrastructure expansion plan.

GTL Infrastructure plans to raise Rs 3.4 billion through a 1:1 rights issue to fund its Rs 21 billion infrastructure expansion plan. With the funds, the company is planning to put up 400 towers a month till the end of financial year 2008, by when it will have 6,700 towers. It is also negotiating contracts for sharing of telecom infrastructure with two telecom companies. GTL Infrastructure currently has Rs 10.34 billion in a debt-equity ratio of 2.15:1, which will be maintained in the future.