Mahanagar Telephone Nigam (MTNL) surged more than 8 percent, quoting Rs 20.40 per share intraday price as the government is seeking to sell real estate assets of state-run telecom firms- BSNL, MTNL.
According to documents posted on the DIPAM website, the government has put real estate assets of state-run telecom firms MTNL and BSNL for sale at a reserve price of roughly Rs 1,100 crore.
BSNL properties located in Hyderabad, Chandigarh, Bhavnagar and Kolkata will be sold at a reserve price of about Rs 800 crore.
The Department of Investment and Public Asset Management (DIPAM) website has put the MTNL assets for sale, for the locations– Vasari Hill, Goregaon in Mumbai at a reserve price of about Rs 270 crore.
20 flats of MTNL which are located in Oshiwara have also been listed for sale owing to the asset monetisation plan of the company.
There are two units of a one-room set, 17 units of a one-bedroom hall and kitchen (BHK), and one unit of a two-bedroom hall and kitchen (BHK). The reserve prices for these properties lie in the bracket of Rs 52.26 lakh to Rs 1.59 crore. On December 14, an e-auction for MTNL assets is scheduled.
The asset monetisation under the Rs 69,000 crore revitalization programme was taken up by the government in October 2019 for MTNL and BSNL. By 2022, both public sector companies are expected to bring in Rs 37,500 crore from the sales.
At 09:32 hrs, MTNL was trading at Rs 20.05 per share, up Rs 1.20, or 6.37 percent.
At 03:08 hrs, the stock was quoting Rs 19.50 per share, up 3.54% or Rs 0.65 apiece from the previous day’s close of Rs 18.85 a share.