Did some back of the envelope calculations ...
Clarifications by mgt
Some concerns on the mgt front - GTL used to be a part of the ketan parekh stocks (http://www.moneycontrol.com/news/business/gtl-at-63-month-lowfallrisefallthe-co_558689.html )
plz share your comments/suggestions ....
- No GTL Infra Shares are pledged as per shareholding pattern
- Some rough calculations
- GTL has 32000 towers (http://www.gtlinfra.com/towerportfolio.asp)
- Recent transactions in the space at ~Rs 0.45crs
- ESSAR – ATC (http://articles.economictimes.indiatimes.com/2010-02-24/news/28400846_1_etipl-xcel-telecom-atc)
- GTL- Aircel (http://www.business-standard.com/india/news/gtl-aircel-tower-deal-confirmed-for-rs-8400-cr/382725/)
- Assuming 30000 operational towers and a per tower value of Rs 0.32crs (30% discount), you get 9,500 crs Rs as EV, Debt of ~7000 cr Rs – Equity Value of 2500 crs Rs vs Mkt cap of 1700 cr Rs….(http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/gtl-debt-management-of-arm-remains-crucial/articleshow/8932317.cms)
Clarifications by mgt
- Manoj Tirodkar: No, FCCBs are not due till November next year. So the question of default does not arise. It is all nonsense. The fact remains that today as a whole from an investment standpoint, it is completely at a standstill for telecom generally and our FCCBs are not due till November 2012. So the question of default does not arise.http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/shares-in-gtl-gtl-infra-tank-promoters-deny-selling-stocks/articleshow/8922760.cms
- FCCB due in nov 2012 is ~Rs 1000 cr
- http://economictimes.indiatimes.com/opinion/interviews/gtl-promoters-have-not-sold-any-share-manoj-tirodkar/articleshow/8924960.cms
Some concerns on the mgt front - GTL used to be a part of the ketan parekh stocks (http://www.moneycontrol.com/news/business/gtl-at-63-month-lowfallrisefallthe-co_558689.html )
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