Defying weakness in the broader stock market, shares of GTL Ltd and its telecom infrastructure subsidiary GTL Infra rallied on the bourses today after the two companies said their respective boards of directors will meet tomorrow to consider corporate debt restructuring.
Shares of GTL Ltd surged by 9.86 per cent to Rs 39.55 on the BSE, while GTL Infra jumped 7.78 per cent to an early high of Rs 9.55.
"A meeting of the board of directors of the company will be held on December 29, 2011, to consider a letter of approval received from corporate debt restructuring cell in respect of restructuring of the company's debt and other related matters," GTL and GTL Infra said in separate filings to the BSE.
The rally in the stocks was in sharp contrast to the weak broader market trend, with the BSE benchmark Sensex trading 117.46 points lower at 11;20 hours.
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