Mahanagar Telephone Nigam (MTNL) is planning to raise Rs 2138.6 crore as part of sovereign guarantee bond. The company will seek shareholders' nod at its annual general meeting (AGM) scheduled for December 31, 2020. The shareholders' approval is valid for one year from the date of this AGM.
The government allowed the company to raise up to Rs 6,500 crore for a tenure of 10 years through sovereign guarantee bonds as part of its revival package. The company has already raised Rs 4,361.4 crore under the package on October 12, 2020.
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.
