Mahanagar Telephone Nigam Limited (MTNL) has received shareholders’ approval for raising up to Rs 65 billion through the issuance of non-convertible debentures (NCDs) and monetisation of land and buildings.

During MTNL’s recently held extraordinary general meeting, 99.89 votes were cast in favour of the issuance of guaranteed, unsecured, listed, redeemable NCDs in the nature of bonds, in one or more series/tranches, aggregating up to Rs 65 billion on private placement basis, the telco said in a filing.

Further, the telco added that majority of votes were cast in favour of the monetisation of land and buildings as well as monetisation of towers and fibre assets.