MTNL discloses default on bank loan repayments

Mahanagar Telephone Nigam Limited (MTNL) today disclosed defaults in the payment of principal and interest on bank loans, as per SEBI regulations. The total outstanding borrowings from banks and financial institutions amount to INR8509 crore. Defaults have occurred with 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 current default amount stands at INR8508.98 crore, comprising INR7794.34 crore in principal and INR714.64 crore in interest. MTNL's total financial indebtedness is INR34335 crore, including bank loans, SG Bonds, and loans related to SG Bond interest payments. The disclosure was made to both BSE Limited and the National Stock Exchange of India (NSE).