Private equity firms including J P Morgan and Goldman Sachs and telecom majors Nokia, Ericsson, Huawei and ZTE have proposed to pick up 22 per cent stake in Global Holding Corporation (GHC), which has two listed firms GTL Ltd and GTL Infrastructure and three unlisted entities.GHC has two other wholly-owned subsidiaries, Global Projects and Global Innovsource and 90 per cent stake in tower manufacturing arm Global Towers.
According to sources, in October last year, GHC diluted eight per cent stake for $150million to Technology Infrastructure, an offshore fund. Now it intends to dilute additional 22 per cent stake to raise around $700 million.
The market capitalisation of the two listed entities was $1.7 billion as on June 31, 2008. The Group recorded in excess of $600 million revenue last fiscal. The company had early this year said that promoters intend to dilute anywhere between nine to 30 per cent stake in GHC to raise $150-$500 million for increasing promoters stake in the listed firms.
GHC currently holds 44 per cent in GTL Ltd and 23 per cent in GTL Infrastructure. GTL Ltd in turn owns 41 per cent in GTL Infrastructure. GHC promoters have infused $101.76 million since March 2006 to enhance their stake in GTL Ltd through creeping acquisition from 26 per cent earlier. Promoters intend to increase GHCs stake in GTL Ltd to 69 per cent and to 51 per cent in GTL Infrastructure directly.
Showing posts with label GTL. Show all posts
Showing posts with label GTL. Show all posts
Monday, July 21, 2008
Friday, October 19, 2007
PEs picking up GIL stake for Rs 1,200 crore
A clutch of private equity players are picking up equity stake in telecom tower company — GTL Infrastructure Ltd (GIL) for Rs 1,200 crore. Industry sources said that three PE players were picking up stake in GIL, which included two infrastructure funds from India and one from abroad. GIL is India’s largest standalone tower and telecom infrastructure company.
When contacted, a company spokesperson said it was “too early to comment on the who the PE players are”, while adding that the GIL board would meet on October 19 to finalise the proposal of preferential issue of shares or warrants of up to Rs 1,200 crore. GIL is slated to make an announcement with regard to the stake sale in Mumbai on Friday.
Read more in The Economic Times article.
When contacted, a company spokesperson said it was “too early to comment on the who the PE players are”, while adding that the GIL board would meet on October 19 to finalise the proposal of preferential issue of shares or warrants of up to Rs 1,200 crore. GIL is slated to make an announcement with regard to the stake sale in Mumbai on Friday.
Read more in The Economic Times article.
Tuesday, July 10, 2007
France Telecom buys GTL IT biz
France Telecom has re-entered the Indian market through the acquisition of enterprise and managed services division of GTL for around Rs 250 crore. The acquisition will be made through France Telecom’s group company, Orange Business Services.This marks the re-entry of France Telecom to Indian shores, which it exited in 2003 after selling a 26% stake in BPL Mobile, offering services in Mumbai circle.
“British Telecom was the other serious bidder for the business,” said a source familiar with the deal. While there were other bidders earlier on, the BT and France Telecom were the serious players who were eventually in the race to acquire it.
The ITeS business of GTL, a network service provider, was put on the block last fiscal as the company is keen to focus on the network services business, which is expected to bring in Rs 1,500 crore revenues this fiscal.
Read more in The Economic Times article.
“British Telecom was the other serious bidder for the business,” said a source familiar with the deal. While there were other bidders earlier on, the BT and France Telecom were the serious players who were eventually in the race to acquire it.
The ITeS business of GTL, a network service provider, was put on the block last fiscal as the company is keen to focus on the network services business, which is expected to bring in Rs 1,500 crore revenues this fiscal.
Read more in The Economic Times article.
Wednesday, June 20, 2007
ICICI, Spanco take over GTL BPO for Rs 253 cr
Mumbai-based IT company GTL has entered into an agreement with ICICI Bank and Spanco Telesystems to lease out its BPO assets for 25 years for Rs 253 crore. GTL has two BPO facilities located in Navi Mumbai and Pune with a combined capacity of 1,500 seats. In terms of area, these two units have a combined capacity of over 1.5 lakh sq ft. According to sources close to the development, the deal is likely to be announced on Wednesday.
Sources in the know told ET that despite GTL putting its BPO arm on the block, the deal would only involve the leasing out of the facilities. “This is not an outright sale, but the leasing of the BPO assets. The companies have agreed to this system as GTL does not want to let go of the real estate where its BPO units are located.
At the same time, as reported first by ET, GTL is also close to signing a deal with France Telecom for sale of its IT business. The deal, which is slated to be announced shortly is estimated at Rs 250-300 crore. (The acquisition will be made through France Telecom’s business arm, Orange Business Services). GTL has also put its ERP businesses on the block and is looking for suitors for it.
Read more in The Economic Times article.
Sources in the know told ET that despite GTL putting its BPO arm on the block, the deal would only involve the leasing out of the facilities. “This is not an outright sale, but the leasing of the BPO assets. The companies have agreed to this system as GTL does not want to let go of the real estate where its BPO units are located.
At the same time, as reported first by ET, GTL is also close to signing a deal with France Telecom for sale of its IT business. The deal, which is slated to be announced shortly is estimated at Rs 250-300 crore. (The acquisition will be made through France Telecom’s business arm, Orange Business Services). GTL has also put its ERP businesses on the block and is looking for suitors for it.
Read more in The Economic Times article.
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