MTNL has invited expressions of interest (EoI) from banks for providing long-term loans of Rs.1,500 crore to repay its debt and meet operational expenses. The loss-making PSU has called for an EoI from public/private banks for providing an offer for long-term loans (secured) of Rs.1,500 crore with a floating interest rate for tenure of seven years. The loan will be raised in tranches as per the requirement within the discretion of MTNL without any penalty and interest to be calculated for such tranches from the date raised. Floating interest rate for a tenure of seven years with a moratorium period of 3 years on principal repayment with interest payment on a monthly basis, followed by repayment of loan quarterly in the ballooning pattern.
The sale of tender document starts July 4 and closes on July 11.
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