Bucking the weak stock market, shares of telecom infrastructure firm
GTL Infra and its parent company
GTL Ltd on Tuesday rallied on the bourses on expectations for a potential debt recast by their promoters.
Driven by the news of a meeting to contemplate converting some debts of the GTL group promoters into equity, the GTL shares skyrocketed 18.89 per cent to a high of Rs 45.30 in the intra-day trade at the BSE.
The shares of
GTL Infrastructure also soared by 17.57 per cent to Rs 10.10 on the BSE.
The GTL stock finally settled 10.76 per cent higher at Rs 42.20, while GTL Infra ended at Rs 9.55, up 11.18 per cent from the last closing price.
As per reports, promoters of
GTL and GTL Infra might convert Rs 950 crore loan into equity shares.
The Corporate Debt Restructuring (CDR) cell was scheduled to meet on Tuesday to contemplate the debt to equity conversion proposal.
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