Loss-making state-owned telecom agency Mahanagar Phone Nigam Restricted (MTNL) will search shareholders’ approval to lift Rs 3,126 crore by means of debt bonds assured by the federal government, the corporate mentioned in a regulatory submitting on Monday.
In 2022, the cupboard authorised a second revival bundle for Bharat Sanchar Nigam Restricted (BSNL) and MTNL amounting to Rs 1.64 trillion.
It supplied monetary assist for capex, viability hole funding for rural landlines, monetary assist for de-stressing the stability sheet, settlement of AGR dues, and the merger of BBNL with BSNL, amongst others.
“…approval of the members be and is hereby accorded to authorise the Board of Administrators of the Firm to supply or invite or invite subscriptions for Authorities Assured, Unsecured, Listed, Redeemable Non-Convertible Debentures within the nature of Bonds (NCDs), in a number of sequence or tranches, aggregating as much as Rs 3,126 crore on Non-public Placement foundation. This decision shall be legitimate for one 12 months from the conclusion of this Annual Common Assembly (AGM),” mentioned MTNL within the submitting.
The full debt of MTNL was Rs 28,581 crore as of January, 2023, and the corporate mentioned that it’s anticipated to publish a web lack of Rs 2,808 crore for the interval of 2023-24, as per price range projection.
First Printed: Sep 25 2023 | 11:07 PM IST
