India's MTNL likely to raise funds via two tranches of bonds - traders

Mahanagar Telephone Nigam

02/11/2022 04:13

** India's Mahanagar Telephone Nigam  MTNL.NS  is likely to
raise funds via two tranches of government-guaranteed bonds
maturing in 10 years, traders say
 
** MTNL met merchant bankers on Tuesday to finalise details of
the first tranche, for which bids are likely to be invited on
Nov. 14
** MTNL plans to raise 109.10 billion rupees ($1.32 billion), of
which it aims to garner around 70 billion rupees through the
first tranche  urn:newsml:reuters.com:*:nL4N31X1R0
 
** Notes are rated AAA(CE) by India Ratings and the company is
likely to come up with second tranche in December
 
** In October-December 2020, MTNL had raised an aggregate of
around 65 billion rupees through two 10-year
government-guaranteed bond issuances at a semi-annual coupon of
6.85% and 7.05%.
 
** Another telecoms company BSNL to also tap bond market by the
end of November or early December, traders add
    ($1 = 82.6900 Indian rupees)
 (Reporting by Bhakti Tambe and Dharamraj Dhutia)
 ((bhakti.tambe@tr.com))