ICICI Bank holds 29.3 per cent stake in GTL after acquiring shares pledged by Global Holding Corp, the latter?s promoter. With this, ICICI has recovered close to Rs 1.94 billion of the Rs 5 billion owed to it by GTL.
In a recent stock exchange filing, GTL had stated that its promoter had pledged 99.1 per cent of its 52 per cent stake in the company to lenders. It is believed that Syndicate Bank has a similar claim over the remaining pledged shares.
GTL and another group company, GTL Infrastructure Limited, are currently undertaking a debt restructuring exercise with 25 lenders. GTL allegedly has debts of about Rs 60 billion, while GTL Infrastructure has debts of about Rs 110 billion.
In June 2011, GTL and GTL Infrastructure had appointed SBI Capital Markets to assess their financial situation and obligations.
