GTL and GTL Infrastructure have appointed SBI Capital Markets to review their businesses and financial performance and obligations. This is aimed at easing investor concerns arising from the recent plunge in their stocks.
In separate filing to the Bombay Stock Exchange, the companies said, “The companies have proactively appointed SBI Capital Markets Limited to review and assess the present and future working of the sector, company, its financials and obligations; and to suggest/advise any appropriate steps/remedies required to protect lender’s interest.?.
SBI Capital has been requested to appraise the situation and prepare a report within 30 days. The filings added that the companies had called a meeting of lenders to update them on current events.
“This communication is being provided to dispel any adverse rumours being spread against the company, which have impacted the minority shareholders,” they said.
GTL holds a majority stake in GTL Infrastructure. Prior to this, GTL and GTL Infrastructure stocks fell by over 62 per cent and 43 per cent, respectively, amid rumours that their promoters have pledged more than 50 per cent of their stake.
The companies had clarified that “neither the promoters nor the entities relating to the promoters have sold any shares, including the shares that have been pledged”. It added that only 12.85 per cent of GTL?s shares had been pledged. The companies had also said they would approach the Securities and Exchange Board of India (SEBI) for a close examination.
