MTNL shares rise nearly 5% after company seeks shareholder nod for fundraising, monetisation of assets

New Delhi: Shares of Mahanagar Telephone Nigam Ltd (MTNL) on Thursday appreciated nearly 5 percent, 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 BSE, the scrip increased 4.88 percent to Rs 7.95, while on NSE, the shares rose 4.64 percent to Rs 7.90. [caption id=“attachment_7138411” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The state-owned company on Wednesday said the its extraordinary general meeting will be held on 8 January, 2020, to seek shareholders’ nod for monetisation of land and buildings as well as for raising up to Rs 6,500 crore through. The company would seek shareholders’ approval for issue of non-convertible redeemable non-cumulative preference shares on a private placement basis to the government towards payment of 4G spectrum cost. Approval is also being sought for monetisation of land and buildings as specified/ identified by its board in line with the Department of Investment and Public Asset Management guidelines and as per revival plan of the company approved by the Union Cabinet recently.