NARCL had made a conditional offer to get the GTL loan a fortnight ago. It offered ₹360 crore if the loan was acquired while the company was out of bankruptcy proceedings. However, the proposal would be ₹100 crore if bankruptcy The court accepts it for insolvency proceedings during the interim period.
A senior official involved in advising NARCL said, “The lenders informed the NARCL officials that they are not ready to accept the offer, not only because it is too low, but also because it is conditional. ”
People said that the lenders also informed NARCL that they would not sell the loan of less than ₹550 crore as the liquidation value was around ₹540 crore.
On Monday, NARCL informed lenders that it would not be in a position to make a better offer and thus had withdrawn GLT from its list of companies to make acquisitions, the people cited above said.
NARCL did not respond to ET’s request for comment.
Canara Bank has filed a petition with National Company Law Tribunal To admit the company for corporate insolvency.
According to the company’s annual report, it had ₹4,383 crore of borrowings at the end of FY22, up from ₹4,881.9 crore a year ago. “The shortfall in credit is on account of appropriation of the amount received for the sale of the shares called for” GTL Infrastructure and the holding of its promoters by the lenders against a loan of Rs.
NARCL’s offer of ₹360 crore is likely to be on a loan of ₹3,000 crore, even though the company had a debt of over ₹4,300 crore. This is because NARCL does not plan to avail loan from standard Chartered Bank And JM Financial ARC, which are part of the consortium of lenders. It will also not take over ₹707 crore in external commercial loans raised by GTL.
GTL Infrastructure, a subsidiary of GTL, owns and operates 26,000 telecom towers in 22 telecom circles in the country. It provides services to all telecom operators: BSNL, MTNL, Vodafone Idea, Bharti Airtel And Reliance Jio, GTL Limited is the network operator and maintenance service provider for GTL Infra,