GTL Infra gains 7% on likely conversion of FCCBs

GTL Infrastructure gained as much as 7 percent to touch an intraday high of Rs 9.9 amid high volumes, extending gains for the third consecutive session on Friday. The stock gained nearly 17 percent in three days.

The company said they had got notices to convert foreign currency convertible bonds (FCCBs) worth USD 6.04 million. So their panel will consider converting some FCCBs into shares today.

Recently, the company had restructured FCCBs worth USD 300 million, which were due on November 29, 2012, for a tenure of five years.

At 13:52 hours IST, the stock rose 3 percent to Rs 9.52. Even trading volumes increased 42 percent to 13,62,945 shares as compared to its five day average of 961,499 shares.

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