BSNL to soon raise Rs 150 billion through sovereign bonds

State run Bharat Sanchar Nigam Limited (BSNL) is planning to issue sovereign bonds for raising Rs 150 billion next month.

The operator has already written to the Department of Telecommunications (DoT) for seeking its approval to raise the amount. The department is now in the process of sending the proposal to the finance ministry for approval.

Earlier, the cabinet had approved a revival package for BSNL and Mahanagar Telephone Nigam Limited (MTNL). Under the terms of the package, MTNL would become a subsidiary of BSNL and the firms can raise sovereign bonds worth Rs 150 billion to meet immediate capital requirements.