MTNL shares zoom nearly 13% after Rs 891.53 crore Powai property sale

New business data points to the fact that Shares of Mahanagar Telephone Nigam (MTNL) zoomed nearly 13% in morning trade on Thursday after the firm announced the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore.

The shares of MTNL were trading at Rs 25.92 on the NSE, up 12.84%, at 11:16 am.

In an exchange filing, MTNL stated its board, through a circular resolution dated October 1, approved the sale and transfer of its property at Plot-C, Technology Street, Powai, Mumbai, to the Income Tax Department through a government-to-government (G2G) transfer/direct sale.

The property has a land area of 20,895.60 square metres. The transaction is based on Presidential Approval and Alternative Mechanism (AM) approval and follows the formal acceptance by the Income Tax Department.