GTL Infrastructure, the Indian telecom towers company, is looking to raise about US$200m-US$300m from institutional investors to fund its expansion plans and repay existing debts, according to the Financial Chronicle citing a company official.
The…
GTL Infrastructure, the Indian telecom towers company, is looking to raise about US$200m-US$300m from institutional investors to fund its expansion plans and repay existing debts, according to the Financial Chronicle citing a company official.
The company has reportedly hired Goldman Sachs, Enam Securities, Standard Chartered and Jefferies to manage the sale.
In a statement to the Bombay Stock Exchange, GTL only confirmed that “further to the shareholders’ resolution by way of the postal ballot declared on December 22, 2010, the company has appointed investment banks to explore capital raising alternatives.”
Early February, it was reported that GTL Infrastructure and cellco Viom Networks had submitted bids to acquire 7000 towers owned by JV Vodafone Essar. Sources close to the deal confirmed to TelecomFinance that GTL was interested in the towers and that it had hired Standard Chartered Bank to advise it on a potential deal.
However, valuation issues between British telco Vodafone and Indian conglomerate Essar Group with regards to their JV delayed the tower sale process.
In recent months, GTL has been working to consolidate the Indian tower market, buying Aircel’s towers and attempting a US$11bn merger with Reliance Infratel’s towers business. It owns 32,500 towers.
