India New Issue-MTNL to issue 10-year govt-guaranteed bonds - bankers

Mahanagar Telephone Nigam

21/03/2023 07:15

MUMBAI, March 21 (Reuters) - India's Mahanagar Telephone
Nigam Ltd (MTNL)  MTNL.NS  plans to raise 634 million rupees
($7.7 million) through the sale of government-guaranteed bonds
maturing in 10 years, four merchant bankers said on Tuesday.
    The state-run telecommunication services company has invited
bids from bankers and investors on Thursday, and bidding will
take place on the Bombay Stock Exchange's electronic platform
between 10:30 a.m. IST and 12:00 p.m. IST, they said.
    The notes are rated AAA (CE) by India Ratings and CARE
Ratings, and the issue will be settled on Friday.
    In February, MTNL raised 3.62 billion rupees at a
semi-annual coupon of 7.80% and 16.18 billion rupees at a 7.78%
semi-annual coupon.
    In November, it 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 = 82.6700 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((Bhakti.Tambe@thomsonreuters.com; Reuters Messaging:
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: https://twitter.com/TambeBhakti))