Financial closure for telecom tower project

Mumbai: Telecom tower company GTL Infrastructure has achieved financial closure of its Rs 7,265-crore project that entails rolling out of 15,700 telecom towers.

The firm has financed its project through a mix of debt and equity, a company official said. The company raised Rs 2,905 crore by equity, preferential warrants and foreign currency convertible bonds in November 2007.

The company concluded a 1:1 rights issue at par in September 2007, adding Rs 336 crore to its equity capit al. It has received aggregate debt sanctions of Rs 4,999 crore from international, domestic banks and financial institutions in two phases.