Indian state-owned telco Mahanagar Telephone Nigam (MTNL) is reportedly looking to raise up to Rs30bn (US$556.8m) by issuing ten-year bonds.
The loss-making company has invited bids for the government-guaranteed bonds on 6 March, with plans to issue…
Indian state-owned telco Mahanagar Telephone Nigam (MTNL) is reportedly looking to raise up to Rs30bn (US$556.8m) by issuing ten-year bonds.
The loss-making company has invited bids for the government-guaranteed bonds on 6 March, with plans to issue them later next month, according to three sources cited by Reuters.
The base size of the issue is Rs10bn.
MTNL has been struggling in the competitive Indian market and has seen a decline in market share. As TelecomFinance previously reported, the telco raised US$109m to repay existing debt back in 2011 and last year it was rumoured that a merger with another loss-making state-owned telco, Bharat Sanchar Nigam (BSNL), was on the cards.
MTNL was unavailable for comment.