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MTNL to sell Powai property to I-T Dept for ₹891.53 cr amid debt burden

2 sources · first seen 11:30 1 Oct · updated 13:37 1 Oct

The brief

Written from 2 reports · check the source before you trade

MTNL board approved the sale of its Powai property to the Income Tax Department for ₹891.53 cr
The sale comes as MTNL monetises non-core assets amid financial struggles
The proceeds may ease debt pressure on MTNL

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MTNL’s Powai property sale

MTNL’s board approved the sale of its Powai Plot-C property in Mumbai to the Income Tax Department for ₹891.53 crore. Reports said the stock rose 17% after the approval.

Thursday, 1 October

11:51
Buzzing Stocks: PSU stock jumps 17% after land parcel sale for nearly ₹900 crore
11:302 sourcesYou are here
MTNL to sell Powai property to I-T Dept for ₹891.53 cr amid debt burden
11:222 sources
MTNL board approves ₹891.53 crore sale of Powai property to IT department

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2 reports · earliest 11:30

Business StandardMTNL to sell Powai property to I-T Dept for ₹891.53 cr amid debt burden11:30 Economic TimesMTNL shares rally 17% as board approves Rs 892 crore Powai property sale amid debt worries13:37