According to sources, Mahanagar Telephone Nigam Limited (MTNL) has set a 7.78 per cent semi-annual coupon on its government-guaranteed bonds maturing in 10 years. 

The telco accepted bids worth Rs 16.18 billion for the bond issue, for which it had earlier invited coupon and commitment bids from bankers and investors. The notes are rated AAA (CE) by India Ratings and CARE Ratings, and the issue will close for subscription on Friday.

Earlier in November 2022, MTNL had raised Rs 27.58 billion and Rs 61.10 billion in two offerings at semi-annual coupons of 7.87 per cent and 8 per cent, respectively.