GTL Infra to convert 35% of $319 million debt into equity

NEW DELHI: Bondholders of India's GTL Infrastructure approved plans to exchange 35% of the company's $319 million of convertible debt due later this month for shares, the company said.
GTL tower operator, plans to convert the US dollar-denominated notes into shares at a cost of Rs 10 each, according to the statement. The remaining 65% of the debt can be swapped for fresh convertible bonds due 2017, or can be converted into shares within 60 days.The conversion price will be Rs 12.64 should investors opt for the new bonds.
GTL Infrastructure, which reported losses in all but two of the past 15 quarters, is the latest to join at least eight other companies in the country to revamp their convertible notes amid slowing economic growth and rising borrowing costs.