GTL Seeks Nod For Debenture Issue
Telecom infrastructure company GTL has sought shareholders' approval for issue of securities worth over Rs 554 crore to its promoters as well as lenders as part of corporate debt restructuring efforts. The issue of these securities would see the promoters pumping in around Rs 233 crore into the debt-laden GTL.
The company, which is burdened with huge debts, plans to issue Compulsorily Convertible Debentures (CCDs) on a preferential basis, according to GTL's notice of postal ballot to its shareholders.
The company shall contribute Rs 83.38 crore. “The proposed preferential issue of Zero Coupon CCDs to the promoters... Shall be subscribed by Global Holding Corp Private Ltd in which Manoj Tirodkar -- Chairman and Managing Director of the company (GTL) -- has got an interest,” the notice said.
CBI Slashes Housing Loan Rates
Central Bank of India, a Public Sector Bank is a leading player in the Retail Loan market, especially in the Housing Loan Segment.
The bank has now, for its over 3.5 crore customer base has further reduced interest on housing loans making this product most competitive in the market. The reduced rates for housing loans up to Rs. 30 lakhs, up to Rs.75 lakhs and above Rs.75 lakhs would now be 10.75 per cent, 11 per cent and 11.25 per cent respectively. These rates will be effective from February 20 to March 31. No processing fees will be charged on these loans. The Bank wants to become market leader in the housing loan segment with this reduction in interest rate.
Business Desk with inputs from agencies .