MTNL board approves ₹891.53 crore Mumbai property sale
In short
MTNL’s board approved selling a property in Powai, Mumbai, for ₹891.53 crore. The buyer was reported as the IT department, and MTNL shares reportedly rose 17% after the news.
This matters because the sale could bring cash to MTNL and move its share price. But the source does not say when the deal will close or whether any other approvals are still needed.
What the reporting says
MTNL’s board approved the sale of a property in Powai, Mumbai, worth ₹891.53 crore, according to a publisher summary. The report says the buyer is the IT department, but it does not state the timing of completion or any conditions attached to the deal. MTNL shares reportedly jumped 17% after the news, though the source does not confirm the final transaction status.
Why it matters
MTNL approved the sale of a Powai, Mumbai property valued at ₹891.53 crore, with the IT department named as the buyer in a publisher summary. The reported share move suggests investors viewed the sale as positive for MTNL, but the source does not say whether the deal is finalized, when proceeds will arrive, or what MTNL plans to do with the money.