MTNL surges nearly 18% 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.

Shares of government-owned telecom operator MTNL (Mahanagar Telephone Nigam) rose nearly 18 percent intraday 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.At 12:28 hrs Mahanagar Telephone Nigam was quoting at Rs 16.30, up Rs 1.40, or 9.40 percent. The stock has been down 27 percent in the last 6 months.

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