According to sources, Mahanagar Telephone Nigam Limited (MTNL) plans to raise at least Rs 1 billion through the sale of government-guaranteed bonds maturing in 10 years. The telco has invited bids from bankers and investors on February 23, 2023. 

The notes are rated AAA (CE) by India Ratings and CARE Ratings, and the issue will close for subscription on February 24, 2023. The issue has a greenshoe option to retain an additional Rs 3.25 billion. 

Earlier in February 2023, MTNL had raised Rs 16.18 billion at a 7.78 per cent semi-annual coupon, while in November 2022, the company had raised Rs 27.58 billion and Rs 61.1 billion in two offerings at semi-annual coupons of 7.87 per cent and 8 per cent, respectively.