comscore MTNL gains over 4 percent after raising Rs 1500 crore by selling bonds
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MTNL gains over 4 percent after raising Rs 1500 crore by selling bonds

State-run MTNL's scrip climbed over 4 percent today following reports the telecom company has raised Rs 1,500 crore by selling bonds to institutional investors and the funds would be used to repay deb

  • Published: November 18, 2014 6:10 PM IST
MTNL-LOGO

State-run MTNL’s scrip climbed over 4 percent today following reports the telecom company has raised Rs 1,500 crore by selling bonds to institutional investors and the funds would be used to repay debt. Also Read - Airtel 5G Mumbai trials show download speeds of 1.2Gbps, upload at 850Mbps

Shares of MTNL went up by 4.28 percent to settle at Rs 29.25 on the BSE. In intra-day, it surged 5.52 percent to Rs 29.60. At the NSE, it rose by 4.27 percent to end the trade at Rs 29.30. In terms of volume, 6.46 lakh shares of the company were traded at the BSE, while more than 18 lakh shares changed hands at the NSE during the day. “We floated a Rs 1,000 crore 10-year-bond issue, which was fully subscribed. We have received bids worth Rs 1,500 crore from investors and we will retain the full amount using the green-shoe option,” a MTNL source told PTI today. Also Read - Let our firms take part in 5G trials, China tells India

The amount raised will be used for paying the debt, which stood at Rs 14,760 crore at the end of June this year. The company has been losing market share over the last many years. MTNL?s market share has come down to 4.83 percent as on May 2014 from 10.87 percent in March 2009. The government is taking various measures to revive the company. Last year in September, it was decided to refund about Rs 5,700 crore to MTNL which it has to pay for wireless broadband spectrum in Delhi and Mumbai in 2010. Also Read - DoT permits telecom service providers to go ahead with 5G trials

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  • Published Date: November 18, 2014 6:10 PM IST



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