State-owned telecom service operator, Mahanagar Telephone Nigam Ltd (MTNL), on Saturday, April 19, disclosed that the company has defaulted on bank loans worth ₹8,346.24 crore from public sector lenders, according to the exchange filing.
According to the BSE data, the company had taken loans from seven public sector banks, namely, the Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab and Sind Bank, and Indian Overseas Bank.
The disclosure also states that after the recent default of ₹8,346.24 crore, the total outstanding debt, which includes both the short-term borrowings and the long-term debt, was ₹33,568 crore. This is further divided into a bank loan, an SG Bond, and a loan from the Department of Telecom for paying the SG Bond interest.
(This is a developing story. Please check back for updates.)
