Mahanagar Telephone Nigam (MTNL) has received shareholders' approval for raising up to Rs 6,500 crore through issuance of non-convertible debentures (NCDs) as well as for monetisation of land and buildings.
During the extraordinary general meeting of MTNL which was held on January 8, 2020, 99.89 votes were cast in favour of the issuance of guaranteed, unsecured, listed, redeemable non-convertible debentures in the nature of bonds (NCDs), in one or more series/tranches, aggregating up to Rs 6,500 crore on private placement basis. Majority votes were cast in favour of the monetisation of land and buildings as specified/ identified by its board in line with the Department of Investment and Public Asset Management (DIPAM) guidelines and as per revival plan of the company approved by the Union Cabinet recently.
MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.
