MTNL gets shareholders approval to raise Rs 175.71 billion through bonds

Mahanagar Telephone Nigam Limited (MTNL) has received shareholders’ approval to raise up to Rs 175.71 billion through government-guaranteed debt bonds on a private placement basis. MTNL shareholders have also enhanced the power of the board, allowing it to borrow up to Rs 350 billion from banks and other financial institutions. According to a report on MTNL’s annual general meeting held on October 10, 2022, 99.85 per cent of shareholders voted in favour of the resolution to offer or invite subscriptions for government-guaranteed, unsecured, listed and redeemable non-convertible debentures (NCDs) in the nature of bonds, in one or more Series I tranches, aggregating up to Rs 175.71 billion, on a private placement basis.