ONGC plans to raise $500m via dollar bond sale

Mumbai: Oil & Natural Gas Corp (ONGCNSE -1.98 %), India’s largest fuel explorer, plans to raise at least $500 million in a dollar bond sale as soon as next week to refinance part of its debt through cheaper funds, three people familiar with the matter said.

This is the state-owned company’s first sale of overseas bonds, although its subsidiary ONGC Videsh has raised dollar funds before.

ONGC launched a $2 billion medium-term note programme in August, which allows the company to tap the overseas bond market when needed, subject to market conditions. The bonds are likely to be listed on the Singapore Stock Exchange.
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