Jan 13, 2014, 02.10 PM IST
MTNL intends to cut its debt from over Rs 13,000 crore currently to about Rs 5,000-6,000 crore by next March, the firm's CMD AK Garg said. It will do this by renting part of its land bank and using proceeds from surrender of 4G spectrum.
Tags Mahanagar Telephone Nigam, MTNL, debt, land bank, rent, AK Garg, BWA, 4G, spectrum, refund
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MTNL to cut debt via 4G spectrum refund, land rentals
MTNL intends to cut its debt from over Rs 13,000 crore currently to about Rs 5,000-6,000 crore by next March, the firm's CMD AK Garg said. It will do this by renting part of its land bank and using proceeds from surrender of 4G spectrum.
Like this story, share it with millions of investors on M3
MTNL to cut debt via 4G spectrum refund, land rentals
MTNL intends to cut its debt from over Rs 13,000 crore currently to about Rs 5,000-6,000 crore by next March, the firm's CMD AK Garg said. It will do this by renting part of its land bank and using proceeds from surrender of 4G spectrum.
We expect money from the refund to come in this fiscal year.
The loss-making state-owned firm has started renting out part of its huge land bank in a bid to monetize its assets, Garg said, adding that he expects rentals to the tune of Rs 150 crore.
The company will also use Rs 4,534 crore it will get from the government for surrendering 4G spectrum to reduce its debt, he said. "We expect money from the refund to come in this fiscal year."
Also read: Cabinet clears Rs 11,258 cr refund for BSNL, MTNL spectrum
This article will be updated shortly...
MTNL stock price
On January 13, 2014, at 14:15 hrs Mahanagar Telephone Nigam was quoting at Rs 16.58, down Rs 0.16, or 0.96 percent. The 52-week high of the share was Rs 28.55 and the 52-week low was Rs 9.71.
The latest book value of the company is Rs -44.20 per share. At current value, the price-to-book value of the company was -0.38.
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