Comments
MTNL on Tuesday said it has raised Rs 500 crore from various banks that will be used to repay debts and meet operational expenses.
“Out of the total loan amount of Rs 1,500 crore, we have raised Rs 500 crore from various banks and for the rest of the amount, we are still in talks with the them (banks),” said Mr Kuldip Singh, Chairman and Managing Director, MTNL.
In July, MTNL had invited expression of interest (EoI) from banks for providing long-term loans of Rs 1,500 crore with a floating interest rate for a tenure of seven years. The loan might be used to repay the loan MTNL had taken for buying 3G and BWA spectrum last year.
The company is already in the process to restructure its Rs 7,000 crore loan taken for buying 3G and BWA spectrum last year. The firm plans to convert Rs 3,000 crore loan into a long-term debt.
The company had already restructured Rs 3,500 crore of debt, by repaying Rs 500 crore and tying up with two banks for the remaining Rs 3,000 crore.
Delhi and Mumbai were the most expensive circles for 3G, with the bid for Delhi costing Rs 3,316.93 crore and Mumbai Rs 3,247.07 crore, against the reserve price of Rs 320 crore each for both the metros.
Similarly for BWA, Delhi and Mumbai saw the highest bids at Rs 2,241.02 crore and 2,292.95 crore, respectively. MTNL has already launched 3G mobile services.
Besides in an another event, MTNL today joined hands with Shemaroo Entertainment to launch 2G and 3G value added services across Delhi and Mumbai.
MTNL users will now be able to enjoy Live Prayers and will also now be able to watch their favourite movie on Movie Talkies, the company said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.