GTL Infra hits upper circuit

GTL Infra has been hitting the upper circuits almost every day for the past one week. Today too it hit the upper circuit at Rs.1.81, up 4.7%. Its 52-week high is at Rs.2.67.

The stock has been in action in anticipation of the outcome of the committee meeting today to consider allotment of equity shares consequent upon conversion notice received for conversion of foreign currency convertible bonds (FCCBs) at a conversion price of Rs 10 per share, in terms of the Offering Circular dated October 17, 2012.

The company has stated that the total value of zero coupon compulsorily convertible bonds (ZCCBs) due 2017 (Series A Bonds) for which conversion notices received amounts to $342,000. Balance outstanding value of ZCCBs after proposed conversion stands at $52,091,000 and interest bearing convertible bonds due 2017 (Series B Bonds) stands at $193,543,000, totaling $245,634,000 of balance outstanding value of Bonds after proposed conversion.