India New Issue-MTNL to issue 10-year government-guaranteed bonds - traders

Mahanagar Telephone Nigam

21/02/2023 09:33

MUMBAI, Feb 21 (Reuters) - India's Mahanagar Telecom
Nigam plans to raise at least 1 billion rupees ($12.1 million)
through the sale of government-guaranteed bonds maturing in 10
years, three merchant bankers said on Tuesday.
    The state-run telecommunication services company has invited
bids from bankers and investors on Thursday, they said. 
    The notes are rated AAA (CE) by India Ratings and CARE
Ratings, and the issue will close for subscription on Friday.
    The issue has a greenshoe option to retain an additional
3.25 billion rupees. 
    Earlier this month, the company had raised 16.18 billion
rupees at a 7.78% semi-annual coupon, while in November, MTNL
had raised 27.58 billion rupees and 61.10 billion rupees in two
offerings at semi-annual coupons of 7.87% and 8.00%,
respectively. 
($1 = 82.7840 Indian rupees)
 (Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by; Editing by Sonia Cheema)
 ((Dharamraj.dhutia@tr.com))