Moneycontrol
Last Updated : Aug 30, 2018 04:23 PM IST | Source: Moneycontrol.com

MTNL ends with 10% gain on buzz of Rs 30,600 cr financial aid by DoT to cut debt

The annual general meeting (AGM) of the company will be held on September 28, 2018.

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Shares of government-owned telecom operator MTNL (Mahanagar Telephone Nigam) ended 10 percent higher on Thursday based on a report that informed about Rs 30,600-crore financial aid from Department of Telecommunications (DoT).

News agency NewsRise reported that the amount would be used to cut the firm's debt and losses, quoting a DoT official.

The telecom department's panel also recommended to offer Rs 2,300 crore worth for VRS (voluntary retirement scheme) to its employees.

Having said that, the panel also rejected Deloitte's proposal to merge the company with BSNL and sell of non-core assets.

The annual general meeting (AGM) of the company will be held on September 28, 2018.

Mahanagar Telephone Nigam ended at Rs 16.45, up Rs 1.55, or 10.40 percent on the BSE. The stock has been down 27 percent in the last 6 months.
First Published on Aug 30, 2018 03:46 pm
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