GTL Infra Denies Loan Default Charges, Sends Clarifications To Indian Stock Exchanges

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GTL
Infra Denies Loan Default Charges, Sends Clarifications To Indian Stock
Exchanges
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Tower operator GTL Infrastructure has clarified to the Bombay Stock Exchange and National Stock Exchange that the company is not defaulting on its bank loans. The tower operator made the clarification following a news report that stated that the company had a debt of Rs 6,000 crore and has failed to pay its dues.

“GTL has an outstanding rupee loan of Rs 3, 432 crore as against Rs 6,000 crore reported in the news article which is baseless,” said the company in the letter dated November 4, 2014.

The company also clarified that it has not raised any syndicated loan for acquisition of Aircel’s Tower business. The firm noted that GTL Infrastructure had restructured its debt under the Corporate Debt Restructure option on December 23, 2011 and has till date made a payment of Rs 681 crore to its banks.

A news report today has suggested that the tower operator is reeling under a huge debt of Rs 6,000 crore and is at a risk of being declared as a NPA as it has failed to repay its restructured loans.