CORPORATE GOVERNANCE

MTNL To Seek Shareholders’ Nod For Raising Rs 2,138 Cr Through Sovereign Bonds

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State-owned telecom firm MTNL on Tuesday said it will on December 31 seek shareholders’ nod to raise Rs 2,138.6 crore as part of sovereign guarantee bond. The government allowed MTNL to raise up to Rs 6,500 crore for a tenure of 10 years through sovereign guarantee bonds as part of its revival package.

The company has already raised Rs 4,361.4 crore under the package on October 12.

It will seek shareholders’ nod at its annual general meeting (AGM) scheduled for December 31.

India’s telecom sector, in the efforts of enabling policies including more quantum of the spectrum, is set to establish new benchmarks in the next-generation network deployments and service delivery.

“Now, your company is planning to raise the remaining amount of Rs 2,138.6 crore through issue of bonds. For issue of bonds/debentures, approval of shareholders is mandatory. The shareholders’ approval is valid for one year from the date of this AGM,” MTNL said in AGM notice.

MTNL will also seek shareholders’ nod for appointment of P K Purwar as its chairman and managing director (CMD).

The Department of Telecommunications gave additional charge of the MTNL CMD to Purwar, who is also heading BSNL, on April 13, 2020.

Purwar has also served as MTNL CMD for about 5 years before taking charge as BSNL CMD.

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