BSNL raises Rs 8,500 crore via local bonds, expects 4G airwaves soon

NEW DELHI | MUMBAI: State-run Bharat Sanchar Nigam Limited (BSNL) Monday raised Rs 8,500 crore via its maidan local bond sale that obtained bids double the actual size. Top institutional investors including HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, ICICI Primary Dealers are said to have bet on those debt securities, backed by a government of India guarantee.

The company would use the proceeds to repay debt and fund expansion as it aims to regain market share in a sector that’s consolidated and now has only three private operators. On July 22, ET wrote that the government-owned telecom firm would raise the sum through its first ever bond sale. Individual investors could not be contacted for comments immediately.