MTNL gets shareholders’ nod to raise authorised share capital to Rs 10k cr, Telecom News, ET Telecom

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NEW DELHI:

State-run Telecom agency MTNL Friday stated its shareholders have authorised proposals to raise authorised share capital by over 12 instances to Rs 10,000 crore and borrowing restrict by round 38 per cent to Rs 25,000 crore. “To increase the authorised share capital of the company from Rs 800 crore to Rs 10,000 crore, a total of 99.9421 per cent shareholders voted in favour of the resolution…the following resolution was passed as a special resolution,” MTNL stated in a regulatory submitting.

The decision to raise the borrowing powers of the board from Rs 18,000 crore to Rs 25,000 crore was handed as a particular decision. “A total of 99.9203 per cent shareholders voted in favour of the resolution,” it stated.

The selections have been taken on the firm’s AGM Thursday.

MTNL has requested the federal government to grant it 4G spectrum in lieu of fairness price round Rs 6,500-7,000 crore and lengthen its cell licence, which is expiring in 2019, until 2021.

MTNL Chairman and Managing Director PK Purwar had earlier stated the corporate will want to make investments Rs 1,300-1,500 crore past the price of spectrum for providers and capital expenditure and it plans to improve the borrowing limits of MTNL.

The union and the administration of the agency requested the federal government to take again unutilised land and belongings valued at round Rs 19,300 crore and pare its debt of round Rs 19,000 crore.

The shareholders of the agency additionally authorised elevating of Rs 5,500 crore as debt by issuing non-convertible debentures on non-public placement foundation.

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