Global Assets Holding Corporation to raise Rs 560 cr
Global Assets Holding Corporation , which is into telecom network services and tower businesses, is in talks with American and European investors to raising money to gain majority stake in its subsidiaries GTL and GTL Infrastructure.
By PTI |
MUMBAI: Global Assets Holding Corporation (GAHC), which is into telecom network services and tower businesses, is in talks with American and European investors to raise Rs 560 crore to gain majority stake in its subsidiaries GTL and GTL Infrastructure.
GTL and GTL Infrastructure are BSE-listed companies and their combined market capitalisation is estimated at Rs 5,600 crore.
GTL is into telecom network services and GTL Infrastructure into building and maintenance of telecom tower. Global Assets Holding Corporation is a holding company of both GTL and GTL Infrastructure.
Promoters hold 33 per cent stake in GTL and it has agreed to buy back shares from the market for which it has applied to market regulator Sebi.
Promoters hold about 46.78 per cent stake in GTL Infrastructure.
"We would like to consolidate our stakeholding in GTL as may be permissible under Sebi guidelines time-to-time," the holding company's Chairman Manoj Tirodkar told reporters.
GTL and GTL Infrastructure are BSE-listed companies and their combined market capitalisation is estimated at Rs 5,600 crore.
GTL is into telecom network services and GTL Infrastructure into building and maintenance of telecom tower. Global Assets Holding Corporation is a holding company of both GTL and GTL Infrastructure.
Promoters hold 33 per cent stake in GTL and it has agreed to buy back shares from the market for which it has applied to market regulator Sebi.
Promoters hold about 46.78 per cent stake in GTL Infrastructure.
"We would like to consolidate our stakeholding in GTL as may be permissible under Sebi guidelines time-to-time," the holding company's Chairman Manoj Tirodkar told reporters.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
