ONGC Videsh to raise upto Rs 5,000 cr via debentures to fund capex, assets
Public sector enterprise ONGC Videsh (OVL) plans to raise up to Rs 5,000 crore through non-convertible debentures (NCDs) for funding capex, refinancing and operations.
OVL, a wholly-owned subsidiary and the overseas arm of Oil and Natural Gas Corporation Limited (ONGC), also plans to mop up another Rs 5,000 crore through commercial paper, a money market instrument, to meet its short-term financing needs.
ONGC has guaranteed all of OVL’s outstanding debt of Rs 38,200 crore for FY23.
The operational linkages are driven by companies operating in the same segment, with OVL being essential to ONGC for providing ownership in international oil and gas-producing assets.
