NEW DELHI: Flagship explorer ONGC has raised $300 million in overseas borrowing by issuing its first US dollar-denominated bond, even as the state-run company sees its cash pile depleted due to acquisitions made on government nudge.
\nThe company issued the 10-year bond at 3.375% interest, the lowest coupon rate ever achieved by any Indian corporate for papers with tenure of 10 years or longer.
\nChairman Shashi Shanker said ONGC funds its operations from internal accruals and it has capacity to do the same in future also. \u201cThe offering of USD bond, however, was important to set a benchmark for ONGC group which has become an integrated energy major after the the acquisition of HPCL (refiner and fuel retailer Hinadutan Petroleum). It is anticipated that once the benchmark is set, it will facilitate group entities to raise funds at a competitive price,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Flagship explorer ONGC has raised $300 million in overseas borrowing by issuing its first US dollar-denominated bond, even as the state-run company sees its cash pile depleted due to acquisitions made on government nudge. The company issued the 10-year bond at 3.375% interest, the lowest coupon rate ever achieved by any Indian corporate for papers with tenure of 10 years or longer. Chairman Shashi Shanker said ONGC funds its operations from internal accruals and it has capacity to do the same in future also. \u201cThe offering of USD bond, however, was important to set a benchmark for ONGC […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-303419","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/303419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=303419"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/303419\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=303419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=303419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=303419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}