India New Issue-MTNL likely to issue 10-year bonds in Nov - bankers

Mahanagar Telephone Nigam

18/10/2023 11:39

By Dharamraj Dhutia
       MUMBAI, Oct 18 (Reuters) - India's Mahanagar Telephone
Nigam Ltd  MTNL.NS  (MTNL) is likley to raise funds by issuing
government-guaranteed bonds maturing in 10 years in November,
three merchant bankers said on Wednesday.
    The state-run telecommunications company may look to raise
around 20 billion rupees ($240.24 million) via this bond issue
and may invite bids in the first half of the month.
    "The company is waiting for some stability in yield levels,
before coming to the market," one of the bankers said.   
    MTNL has received the sovereign guarantee to raise 66.1
billion rupees in the current financial year. 
    In August, it had raised 10.55 billion rupees via 10-year
government-guaranteed bonds at a semi-annual coupon of 7.61%.   
In July, it raised 24.80 billion rupees via
government-guaranteed bonds at a semi-annual coupon of 7.59%.
    MTNL is yet to officially announce the bond issue and did
not immediately respond to a Reuters' email seeking comment.
($1 = 83.2500 Indian rupees)

 (Reporting by Dharamraj Dhutial;Editing by Nivedita
Bhattacharjee)
 ((Dharamraj.dhutia@tr.com))