GTL Ltd and GTL Infrastructure Ltd have appointed SBI Capital Markets Ltd to review and assess the companies' financials and obligations, following a battering of its stock prices during previous week.
GTL Ltd is a shared network services provider, while GTL Infrastructure Ltd is a shared passive infrastructure company.
SBI Capital would suggest appropriate steps or remedies required to protect lenders' interest, the companies said in two separate statements issued to the stock exchanges on Monday.
SBI Capital, the investment banking services arm of India's largest commercial bank State Bank of India, will prepare a report within 30 days. It will also suggest steps to protect lenders' interests, the statements said.
On June 20, shares of both GTL and GTL Infrastructure plummetted, with GTL shares nosediving by over 50 percent and group firm GTL Infra by over 40 percent. The reasons for the tumble, which started on June 17 and continued till week ending June 24, were not known.
Initial reports suggested that the shares pledged by GTL promoters were being sold in the market. In a letter to the stock exchanges, GTL and GTL Infrastructure clarified that neither its promoters nor entities related to promoters had sold any shares, including the pledged ones.