ICICI takes 29.30% stake in GTL after share pledge

Country's largest private lender ICICIBank has acquired 29.30 per cent stake in telecom network services firm GTL Ltd after taking over 2.85 crore shares pledged by the promoters.

One of the promoter group firm of GTL Ltd, Global HoldingCorporation, had pledged 2.85 crore shares, representing 29.30 per cent stake,shares with ICICI Bank, GTL Ltd informed the Bombay Stock Exchange.

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On July 26, ICICI Bank invoked the full 29.30 per centshares of the telecom infrastructure provider, the filing added.

As on March 31, 2011, Global Holding Corporation had held52.18 per cent stake, or 5.075 crore shares, in GTL Ltd.