State-owned telecom operator Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of its residential property in Mumbai’s Bandra Kurla Complex (BKC) as part of its asset monetisation strategy. The decision was cleared by the company’s Board of Directors through a circular resolution dated 15 December 2025 and disclosed under Regulation 30 of the SEBI (LODR) Regulations, 2015.

MTNL will sell the property to the National Bank for Agriculture and Rural Development (NABARD) for a total consideration of Rs 3.51 billion. The transaction will be executed through a government-to-government transfer or a direct sale.

The asset, known as GN Block, BKC Quarters, comprises 28 residential units. It is spread across a plot area of 2,680 square metres and has a built-up area of 4,019.02 square metres. The property is located at MMRDA Plot No. R-4, BKC, Bandra (East), Mumbai.

According to MTNL, the sale has been approved in line with the Presidential Approval granted on 17 July 2020 under Article 69(f) of the company’s Articles of Association for asset monetisation. The transaction has also received clearance from the Alternative Mechanism on 11 November 2025 for the proposed sale to NABARD.

Under the terms of the agreement, NABARD will bear the stamp duty, registration charges and other incidental costs associated with the transfer. MTNL will settle all outstanding dues related to the property prior to completion and will pay the NLMC fee in accordance with the Letter of Understanding dated 29 June 2025.