ICICI Bank Acquires 29.30% Stake In GTL
ICICI Bank Limited has bought 29.30% stake in GTL Limited, after taking over 28.5 Mn shares pledged by GTL's promoter – Global Holding Corporation Pvt Ltd.
Manoj Tirodkar's Global Holding Corporation had pledged 99.1% of its 52.18% stake (50.75 Mn shares) to the lenders.
With the recent deal, ICICI Bank has now become the major shareholder in GTL.
ICICI owned Rs. 500 Cr under loans to GTL and with this transaction it has recoverd Rs.194 Cr at GTL's closing price of Rs.68.2 per share.
According to news portal IFR Asia, Syndicate Bank has a similar claim over the remaining pledged shares.
Transaction reference: Times Of India
According to IFR Asia, GTL and another group company, GTL Infrastructure Ltd, are involved in a debt restructuring exercise with 25 lenders. GTL has debts of about Rs.6,000 Cr, while GTL Infrastructure has debts of about Rs.11,000 Cr.
GTL Ltd 
is a network services company serving network life cycle requirements of telecom service providers and technology providers, while GTL Infra owns 32,000 telecom towers.
In June, SBI Capital Markets was appointed by GTL, to assess their financial situation and obligations.
Last week, Viom Networks made an offer of Rs.7500 Cr to buy GTL Infrastructure. Viom is a joint venture between telecoms carrier Tata Teleservices and tower firm Quippo.
Last year, GTL Infrastructure's deal to merge with telecom tower business with Reliance Communications collapsed, when both the companies failed to agree on terms of valuations.
GTL's current market cap is of Rs.727 Cr. It posted revenue of Rs.608.27 Cr with PAT of Rs.34.85 Cr for quater ending March 2011.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 01/08/11 | GTL Ltd - ICICI Bank | Private Equity | ICICI Bank Limited | 44.04 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/05/12 | Private Equity | Looking For | Kavveri Telecom Infrastructure Limited | 20.00 | Planned |
| 16/04/12 | Private Equity | GIC Special Investments Pte Limited | Tulip Telecom Limited | - | Completed |
| 11/04/12 | M&A | Bharti Airtel Limited (Formerly Bharti Televentures Limited) | 4G Licenses | 1164.82 | Planned |
| 15/03/12 | M&A | Spreadtrum Communications | Micromax Informatics Limited | 10.00 | Completed |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| ICICI Bank Limited | Landmark Race Course Circle, Alkapuri |
State Bank of India IDBI Bank Limited Dhanlaxmi Bank Limited Indian Overseas Bank Indian Bank |
www.icicibank.com | |
| GTL Limited | Manoj G Tirodkar | Global Vision, Electronic Sadan II, MIDC, TTC, Industrial Area, Maphe | www.gtllimited.com | |
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