Mahanagar Telephone Nigam Limited (MTNL) right this moment confirmed that it acquired approvals from shareholders to its proposals of elevating authorised share capital to Rs 10,000 crore, which is over 12 occasions. At the identical time, MTNL stated that it will elevate the borrowing restrict by round 38% 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% shareholders voted in favour of the resolution…the following resolution was passed as a special resolution,” MTNL stated in a regulatory submitting.
MTNL Raises Borrowing Powers from Rs 18,000 Crore to Rs 25,000 Crore
The decision to elevate 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% shareholders voted in favour of the resolution,” it stated, in accordance to PTI. The choices have been taken on the firm’s Annual General Meeting held on October 12.
MTNL Requests Government for 4G Spectrum
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 cellular licence, which is expiring in 2019, until 2021.
MTNL Chairman and Managing Director PK Purwar had earlier stated the corporate would want to make investments Rs 1,300-1,500 crore past the price of spectrum for Companies and capital expenditure and it plans to enhance 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 accredited elevating of Rs 5,500 crore as debt by issuing non-convertible debentures on personal placement foundation.
MTNL and BSNL to Launch 4G Services Very Soon
Both the state-run Telecom operators MTNL and BSNL had approached the Department of Telecommunications lately for the allotment of 4G airwaves. It’s anticipated that the DoT will put each the Companies requests in entrance of Union Cabinet in November and as soon as the businesses get required 4G airwaves, it will likely be a matter of time we see them providing 4G Companies to the purchasers. BSNL is working in 20 Telecom circles, whereas MTNL has its operations in Delhi and Mumbai Telecom circles.