MTNL rings a tune

The Govt, through the Department of Investment and Public Asset Management (DIPAM) has invited bids to sell six assets of state-run telecom firms BSNL and MTNL, via its new asset monetisation portal, MSTC.

The government has listed for sale real estate assets of the telecom companies at a reserve price of around Rs.1,100 crore. The e-auction for MTNL assets will take place on December 14.

The Govt has decided to revive the company and this asset monetisation is a part of the plan to raise funds.

The DIPAM website has listed MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale; 20 flats located in Oshiwara, which include two units of 1-room set, 17 units of 1 bedroom hall and kitchen (BHK) and one unit of 2 BHK.

For Q2FY22, the PSU had posted a loss of Rs.653 crore v/s loss of Rs.583 crore (YoY) while its total debt at end of FY21 stood at Rs.25,615 crore.

Following this news, the stock price of MTNL rose to an intraday high at Rs.20.40 from its previous close of Rs.18.85. Volumes are up over 3 times. Its 52-week high is at Rs.24.40.