MTNL Raises Rs 1,500 Cr By Selling Bonds
State-run MTNL has raised Rs 1,500 crore by selling bonds to institutional investors and the funds would be used to repay debt. “We floated an 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 a news agency. 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 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.