MUMBAI -- GTL Infrastructure Ltd. has submitted its debt restructuring plan to its group of lenders, a person familiar with the matter said Friday.
"The plan is yet to be approved," the person said, asking not to be named. It wasn't immediately known who the creditors of the company are.
A report on television channel ET Now cited sources as saying that a draft recast plan had been approved by the lenders and that the final plan is likely to be cleared in November.
Shares of GTL Infrastructure and founder GTL Ltd. surged on the news. At 0810 GMT, GTL Infrastructure was up 14% at 14.33 rupees and GTL Ltd. was trading 31.7% higher at 69.40 rupees. The benchmark Sensex was 1.4% lower.
GTL Infrastructure is one of India's largest telecom tower operators which isn't aligned to any mobile services firm. It has been growing aggressively mostly through debt-funded acquisitions. Falling tariffs and recent scandals in the telecom sector have moderated growth, in turn leading to fewer mobile operators renting telecom towers, thus hurting GTL Infrastructure. Its April-June net loss more than quadrupled from a year earlier as interest costs more than doubled.
In July, GTL Infrastructure had said that its board approved restructuring the company's debt and that it would send a debt recast proposal to a corporate debt restructuring cell formed by its creditors.
s-onliws
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