Stock Market

Share Market Update: MTNL Shareholders Approve Proposals To Raise Authorised Share Capital

As per the recent share market update, state-run telecom firm MTNL on October 12, 2018, said that its investors have affirmed recommendations to raise an authorized share capital by more than 12 times to Rs 10,000 crore getting limited by around 38 percent to Rs 25,000 crore.

“To increase the authorized share capital of the company from Rs 800 crore to Rs 10,000 crore, a total of 99.9421 percent shareholders voted in favor of the resolution…the following resolution was passed as a special resolution,” MTNL said in a regulatory filing.

The goals to raise the borrowing powers of the board from Rs 18,000 crore to Rs 25,000 crore that were passed as exceptional goals. It is stated that a total of 99.9203 percent shareholders voted in favor of the resolution. The choices were taken at the organization’s Annual General Meeting hung on October 12, 2018.

MTNL has asked for the government to allow its 4G ranges for the share market in value worth around Rs 6,500-7,000 crore and expanded its mobile license till 2021.

MTNL Chairman and Managing Director PK Purwar had said that the organization would need to contribute Rs 1,300-1,500 crore beyond the cost of spectrum for services and capital consumption and it intends to build the obtaining reaches of MTNL.

The union and the management of the firm asked for the legislature to reclaim unused land and resources valued at around Rs 19,300 crore and pare its debt of around Rs 19,000 crore, according to the report of Economic Times.

Both the state-run telecom operators MTNL and BSNL in share market had moved towards the Department of Telecommunications recently for the distribution of 4G wireless transmissions, according to the report of Telecomtalk. It’s normal that the DoT will put both the organizations’ solicitations before Union Cabinet in November and once the organizations get required 4G wireless transmissions, then it will involve time to see them offering 4G administrations to the clients. BSNL is working in 20 telecom circles, while MTNL has its activities in Delhi and Mumbai telecom circles.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Aanchal Ahuja is an enthusiastic, dedicated and committed professional always ready to give an instant response to the clients. She's an expert in managing the day to day office affairs, SEM/SEO, writing and fully aware of social media.

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