MTNL to seek shareholders’ approval for raising Rs 21.38 billion as part of sovereign guarantee bond

MTNL is reportedly planning to seek shareholders’ approval to raise Rs 21.38 billion as part of sovereign guarantee bond. MTNL has said that it will do so during its annual general meeting (AGM) scheduled for December 31, 2020.

The government allowed MTNL to raise up to Rs 65 billion for a tenure of 10 years through sovereign guarantee bonds as part of its revival package.

Earlier on October 12, 2020, the company had raised Rs 43.61 billion under the package.

During the AGM, MTNL will also seek shareholders’ approval for appointment of P K Purwar as its chairman and managing director (CMD).