MTNL looks to raise USD550m on bonds

The board of state-backed telco Mahanagar Telephone Nigam Ltd (MTNL) has approved proposals to raise INR30 billion (USD552 million) through sovereign guarantee bonds, the Business Standard reports. Karvy Computer Share Private Ltd was appointed as the registrar and share transfer agent, whilst SBI CAP Trustee Ltd was selected as trustee and Care and Crisil were chosen as credit rating agencies. The funds will be used for CAPEX and to reduce the company’s interest burden.