MTNL shares locked in 20% upper circuit as govt deposits Rs 92 crore to pay bond interest dues

Mahanagar Telephone Nigam Limited (MTNL) shares witnessed a 20% increase in the afternoon on Thursday after the telco announced that the government has deposited Rs 92 crore to clear immediate bond interest dues of the state-owned company.

On Thursday, MTNL shares jumped 20% to Rs 64.02 (a multiyear high) from its previous closing of Rs 53.35 on the BSE. The telecom firm’s market capitalization increased to Rs 4,033 crore.

“We would like to inform you that the funding of Designated ESCROW Account for Payment of 02nd Semi Annual Interest w.r.t. 7.59% MTNL Bond Series VIII-A (INE 153A08154) which is due on 20th July 2024 has been done on 17.07.2024,” stated MTNL in a communication to the bourses.

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