Mahanagar Telephone Nigam Ltd on July 15 said that it has defaulted on a shade under Rs 8,585 crore in principal and interest payments to seven state-owned banks as on June 25, according to an exchange filing.
The lenders are Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab and Sind Bank, and Indian Overseas Bank.
According to the filing, the default amounts of principal and interest due to Union Bank of India was Rs 3,733.22 crore, Bank of India Rs 1,121.09 crore, Punjab National Bank Rs 474.66 crore and State Bank of India Rs 363.43 crore.
MTNL also defaulted on Rs 273.58 crore of dues to UCO Bank, Rs 184.82 crore of Punjab and Sind Bank and Rs 2,434.13 crore of Indian Overseas Bank, the filing said.
The overdue principal on all the seven banks totalled Rs 1,868.61 crore.
The total financial indebtedness of MTNL including short-term and long-term debt was Rs 34,484 crore. This included bank loans of Rs 8,585 crore, sovereign guarantee (SG) bonds of Rs 24,071 crore and loans from the Department of Telecommunications for repaying SG bond interest of Rs 1,828 crore, the exchange filing added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
