The following operations have reinforced and strengthened MTNL's resource base:

	Disinvestment/GDR
	Telephone Bonds
	Capital Expenditure

Disinvestment / Global Depository Receipts
MTNL is amongst the foremost public sector undertakings in India in terms of divestiture / GDR of the equity by Govt. of India. Govt. of India has disinvested approximately 275.63 million shares (including 70 million shares through GDR) upto 31.3.2001. MTNL’s outstanding shares as on 31.3.2001 were 630 million (including 30 million shares through GDR) out of which Govt. of India owned 354.37 million shares (56.25% approximately). The MTNL’s share has been listed at the Stock Exchanges of Mumbai, Delhi, Chennai , Calcutta & National Stock Exchange.

MTNL got its stock listed at premium in New York Stock Exchange on 7.11.2001, one more connection that will surely pay RICH dividents.

The company’s equities are considered as an excellent buy globally by the Foreign Institutional Investors, All-India Financial Institutions, Research Analysts, Merchant Bankers etc.

Telephone Bonds

MTNL has always been playing the role of a key institution in terms of raising resources for its own use and for the developmental needs of the erstwhile Department of Telecommunications (now BSNL). Its performance has been quite remarkable in this regard. Because of its inherent financial strength, total funds mobilized from the Indian market mainly through bonds during the past fifteen years beginning 1986 are around Rs.111.91 billion out of which the amount meant for MTNL was around Rs. 6.87 billion. This is quite flattering, considering the fact that MTNL is a non-finance Company.

Capital Expenditure

The capital expenditure during 2001-02 was Rs billion as against Rs. billion in 2000-2001 and the capital expenditure for both the years was fully met by internal resources. Assets have risen from Rs.9.79 billion in the year 1986-87 to Rs. billion approximately in the year 2001-02.