New Delhi, Dec 15 : Stateâ??run telecom firm Mahanagar Telephone Nigam Limited (MTNL) on Monday said that approval has been given for the sale of its residential property in Mumbaiâ??s Bandra Kurla Complex to the National Bank for Agriculture and Rural Development (NABARD) for Rs 350.72 crore.

The MTNL said in an exchange filing that its Board of Directors approved the transaction through a circular resolution. The property comprises the GN Block of BKC Quarters with 28 residential units on MMRDA Plot No. Râ??4 in Bandra (East), spanning 2,680 square metres with a total builtâ??up area of 4,019.02 square metres.

The telecom firm disclosed the move under Regulation 30 of the Securities and Exchange Board of Indiaâ??s Listing Obligations and Disclosure Requirements (Sebi LODR) Regulations, 2015.

The sale will be executed either as a governmentâ??toâ??government (G2G) transfer or a direct sale to NABARD.

The transaction is in line with the Presidential approval granted on July 17, 2020, under Article 69(f) of the companyâ??s Articles of Association for monetisation of assets, the MTNL said.

The government had announced that the target to collect through asset monetisation during the financial year 2025-26 is Rs 900 crore for state-run telecom operator BSNL and Rs 4,573 crore for MTNL.

The government had emphasised that there is no plan to shut down BSNL and MTNL, and the "proceeds of asset monetisation are being used in accordance with the approvals of the Union Cabinet".

The Cabinet, in its meeting held on October 23, 2019, approved the revival plan of BSNL and MTNL, which includes asset monetisation following DIPAM guidelines.

Since 2019, BSNL has registered Rs 1,341 crore as land assets sold across the country, while there has been no sale of assets in MTNL.

PSU access service providers -- BSNL, MTNL, and APSFL together held 20.22 per cent of the wireline market share as on October 31, according to official data.

/IANS