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Journalism of Courage
Shares of telecom infrastructure firms GTL and GTL Infrastructure took a beating on Monday. The two stocks came under heavy selling pressure and plunged by over 62 per cent and 43 per cent respectively amidst rumours that their promoters have pledged more than 50 per cent of their stake.
The heavy sell-off in their shares prompted the companies to lodge a complaint with Sebi,asking for a probe. The company would like to confirm that neither promoters nor entities relating to promoters have sold any shares,including the shares that have been pledged, GTL said in a filing to the Bombay Stock Exchange.
Shares of GTL closed at Rs 127.80,down by 62.4 per cent from previous close,while GTL Infra settled at Rs 16.85,down 43.27 per cent on the BSE. Market capitalisation (M-cap) of the two companies fell by Rs 3,300 crore to Rs 2,856 crore. M-cap of GTL declined to Rs 1,243 crore from Rs 3,306 crore while that of GTL Infra dropped to Rs 1,613 crore from Rs 2,843 crore.
GTL in a statement said: The promoters have pledged only 12.85 per cent of the equity capital of the company,which was already intimated to the stock exchanges,as part of our regular disclosures. The promoters hold 52.71 per cent of equity in the company,the statement said adding that it continues to conduct its business in normal course and is focusing on growing the business.
GTL Infrastructure also denied reports of scrapping its $300 million fund raising plan. The company has never launched any roadshow for the issue. We believe that the present market condition,policy clarity on telecom sector and global market sentiments are not favourable for the issue at this stage. We would like to inform that the company is in highly capital intensive business and it will raise funds at appropriate time, it added. In GTL Infra,the promoters and promoter group (GTL) hold 58.34 per cent of the equity.
