MTNL To Raise Up To Rs 17,571 Cr From Govt-Guaranteed Debt Bonds

Mahanagar Telephone Nigam Limited (MTNL) on Thursday received shareholder approval to a proposal to raise up to Rs 17,571 crore through government-guaranteed debt bonds.

The state-owned received the go-ahead from 99.85 per cent shareholders to proceed with the resolution to offer or invite subscriptions for government guaranteed, unsecured, listed, redeemable Non-Convertible Debentures (NCDs) in the nature of bonds, in one or more series I tranches, aggregating up to Rs 17,571 crore on private placement basis.

In other development, shareholders of MTNL also approved the board to borrow up to Rs 35,000 crore from banks and financial institutions.