Mahanagar Telephone Nigam Limited (MTNL) has received shareholders’ approval to raise up to Rs 175.71 billion through government-guaranteed debt bonds on private placement basis. MTNL shareholders have also enhanced the power of the board to borrow up to Rs 350 billion from banks and other financial institutions.
According to the report of 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, 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 private placement basis. The resolution to raise the borrowing powers of the board from Rs 300 billion to Rs 350 billion received 99.85 per cent votes in favour.
