BSNL raises over Rs 8,500 crore through sovereign guarantee bonds

State-owned Bharat Sanchar Nigam (BSNL) on Monday said it has raised over Rs 8,500 crore through sovereign guarantee bonds. The government approved the bonds for the revival of the telecom PSU. 

“We opened the bond at 10.30 am and closed at 12 noon. The bond was subscribed over two times. We were able to get bids of over Rs 17,170 crore, but we accepted only Rs 8,500 crore in line with the approved bond size,” BSNL Chairman and Managing Director P K Purwar (pictured) said.

BSNL received a total of 229 bids valued at Rs 17,183 crore. The bonds have been issued at a coupon rate of 6.79 per cent per annum for a 10-year period. The issue saw participation of National Pension System, Rural Postal Life Insurance, State Bank of India, and Punjab National Bank, among others.