MTNL raises Rs 10.05 billion through sovereign guarantee bonds

Mahanagar Telephone Nigam Limited (MTNL) has raised Rs 10.05 billion through bonds backed by sovereign guarantee from institutional investors.

The operator expects to raise the rest of the funds in early April, 2013. MTNL plans to use majority of these funds to repay high interest loans and capital expenditure.

MTNL had appointed Karvy Computer Share Private Limited as the registrar and share transfer agent, SBICAP Trustee Limited as trustee, CARE and CRISIL as credit rating agencies to oversee the transactions of the bonds.