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BSNL to raise Rs 15000 cr through sovereign bonds next month
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SME Times News Bureau | 13 Nov, 2019
State run BSNL plans to issue sovereign bonds for raising Rs 15,000 crore next month, its chairman and MD P. K. Purwar has said.
"We
have written to DoT already asking for approval for the Rs 15,000 crore
sovereign bonds. DoT is in the process of sending it to finance
ministry for approval. We can raise all Rs 15,000 crore in one tranche.
We expect to get the approval soon for the bonds to raise the funds", P K
Purwar, CMD of BSNL told IANS.
Government bond or sovereign bond
is a bond issued by a national government, generally with a promise to
pay periodic interest payments called coupon payments and to repay the
face value on maturity.
The package includes raising of Rs
15,000 crore sovereign bonds to meet the immediate capital requirement.
BSNL is slated to start 4G services next year and before that it will
have to take network upgrade, float a new 4G tender as well.
On
November 1, state-run MTNL said it has received communications from the
Government on the cabinet decision. As per this decision, MTNL will be a
subsidiary of BSNL by transferring the government's shareholding to it
following the Union Cabinet's in-principle approval to their merger.
Government holds 56.25 per cent in MTNL. The cabinet decision last month
had paved the way for MTNL to be a subsidiary of BSNL and the firms can
raise Rs 15,000 crore on sovereign bonds.
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