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StanChart arms picks 16% stake in GTL

Our Bureau

Mumbai , March 17

Standard Chartered Investments and Loans (India) Ltd has acquired 16.06 per cent of the total share capital of GTL Ltd.

It acquired 1,31,86,717 shares in GTL on March 10 said GTL in a statement to the stock exchanges. Standard Chartered Investments is a non-banking financial company, set up as a 100 per cent subsidiary by StanChart in 2004.

GTL Ltd also informed the exchanges that Global Assets Holding Corporation Pvt Ltd (formerly known as GECS Holdings Pvt Ltd) has acquired 18,50,000 shares or 2.2532 per cent of the total issued capital of GTL Ltd on March 13.

The mode of acquisition is through `Purchase, Open Market'. The shareholding of GAHC after the acquisition is 13.81 per cent of the total share capital of GTL Ltd.

GTL is believed to be engaged in a restructuring programme, details of which the company plans to announce on March 20.

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