Telecom firm BSNL raises Rs 8,500 crore through sovereign bonds

State-run telecom firm BSNL has raised more than Rs 8,500 crore through sovereign guarantee bonds, a top official of the company said on Monday.

The government has approved Rs 8,500 crore sovereign guarantee bonds for the revival of the telecom PSU.

"We opened the bond at 10.30 am and closed at 12 pm. 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 as per the approved bond size," BSNL chairman and managing director PK Purwar told reporters.

BSNL received total 229 bids valued at Rs 17,183 crore.

The bonds have been issued at coupon rate of 6.79 per cent per annum for 10 year period.

BSNL saw participation of National Pension Scheme, Rural Postal Life Insurance, State Bank of India, Punjab National Bank etc.