MTNL shares rise as it seeks shareholder nod for fundraising, monetisation of assets

Shares of Mahanagar Telephone Nigam Ltd (MTNL) on Thursday appreciated nearly 5 per cent, a day after it said it will seek shareholders’ nod for monetisation of land and buildings as well as for raising up to Rs 6,500 crore through non-convertible debentures. On the BSE, the scrip jumped 4.88 per cent to hit its upper circuit limit of Rs 7.95.

Its shares on the National Stock Exchange closed at Rs 7.90, up 4.64 per cent. In terms of equity volume, a total of over 2.29 lakh shares were traded on bourses during the day.

The state-owned company on Wednesday said its extraordinary general meeting will be held on January 8, 2020, to seek shareholders’ nod for monetisation of land and buildings as well as for raising up to Rs 6,500 crore through NCDs.