MTNL Share Price Surges Over 3% as Board Clears Sale of BKC Housing Block to NABARD for ₹350.72 Crore

Mahanagar Telephone Nigam Limited (MTNL) board has approved the sale of its residential property in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for ₹350.72 crore. The decision was taken by the company’s board through a circular resolution passed on Monday. 

The development was disclosed in a regulatory filing made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. 

Mode of Sale 

The transaction will be carried out through a government-to-government (G2G) transfer or a direct sale to NABARD. MTNL stated that the proposed transfer aligns with approvals already in place for monetisation of company-owned assets. 

The sale consideration has been fixed at ₹350.72 crore. 

Details of the Property 

The asset being sold is the GN Block of BKC Quarters, which consists of 28 residential units. The property is located at MMRDA Plot No. R-4 in Bandra (East), Mumbai. The plot covers an area of 2,680 square metres, while the total built-up area is 4,019.02 square metres, as per the exchange filings. 

Regulatory and Government Approvals 

MTNL said the sale is in line with Presidential approval granted on July 17, 2020, under Article 69(f) of the company’s Articles of Association. This approval allows MTNL to monetise its assets. 

The transaction has also received clearance from the Alternative Mechanism on November 11, 2025, specifically for transferring the BKC residential property to NABARD. 

Cost and Liability Sharing 

Under the approved terms, NABARD will bear the stamp duty, registration charges, and other incidental costs related to the transfer of the property. 

MTNL will clear all outstanding dues associated with the asset prior to the transfer. The company will also pay the fee payable to the National Land Monetisation Corporation (NLMC), in line with a letter of undertaking dated June 29, 2025. 

Read More: MTNL Share Price Down; Fails to Fund Escrow Account for Upcoming Bond Interest Payment! 

MTNL Share Price Performance  

As of December 16, 9:45 am, MTNL share price was trading at ₹37.34 on the BSE, a 3.18% increase from the previous closing price. 

Conclusion 

The board-approved sale of the BKC residential block follows the required regulatory and government clearances and forms part of MTNL’s asset monetisation process involving public sector entities. 

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