MTNL seeks shareholder approval to raise funds, monetise land and holdings

Mahanagar Telephone Nigam Limited (MTNL) is planning to seek shareholder approval for monetisation of land and buildings and raising up to Rs 65 billion through non-convertible debentures (NCDs). The company will seek shareholder approval for the issue of non-convertible redeemable non-cumulative preference shares on a private placement basis to the government towards payment of 4G spectrum costs. Approval for monetisation of land and buildings is also being sought as specified/identified by its board in line with Department of Investment and Public Asset Management guidelines and as per the revival plan of the company approved by the cabinet recently. The consent of the shareholders is also being sought for opening of an escrow account for ring-fencing the proceeds from asset monetisation for use by the company under the revival plan.

 

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