GTL Infrastructure Ltd has informed that the Board of Directors of the Company at its meeting held on October 19, 2007, inter alia, subject to the approval of Shareholders, has approved issuance of 26.37 Crore warrants on a preferential basis to Promoter Group, Industrial Development Finance Company Ltd (IDFC) & Technology Infrastructure Ltd.
These warrants will be converted into Equity Shares at a price of Rs 40 each (i.e. above the price of Rs 39.18 as per the formula prescribed under the SEBI (DIP) Guidelines). The warrants shall be converted into equity shares over a period of 18 months from the date of issuance of warrants.
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