ICICI Bank and Manoj Tirodkar, chairman, GTL are believed to be discussing terms of settlement, after the former opposed the proposed merger between GTL Infrastructure and Chennai Network Infrastructure (CNIL). ICICI Bank has asked GTL to consult it before the companies proceed with the proposed merger. Meanwhile, the company?s shareholders have already given the go-ahead.
Prior to this, ICICI Bank acquired 29.3 per cent stake in GTL, by converting pledged shares into equity. The proposed amalgamation envisages an exchange ratio of one equity share of GTL Infrastructure for every four equity shares of CNIL.
The promoter?s stake in the combined tower entity is expected to be around 60 per cent, if the merger takes place.
It is believed that ICICI Bank had issues with the amalgamation scheme, as it felt it may not hold a strong position in the combined entity.
