ONGC said the company has approved the offer and issuance of unsecured, redeemable, non-cumulative, taxable, non-convertible debentures (NCD) aggregating to a total issue size of up to Rs 500 crore on private placement basis.
ONGC said the company has approved the offer and issuance on Wednesday, July 29, 2020, of upto 5,000 unsecured, redeemable, non-cumulative, taxable, non-convertible debentures (NCD) of face value of Rs 10 lakh at par aggregating to a total issue size of up to Rs 500 crore on private placement basis to identified investors at the interest rate of 5.25% p.a. payable annually.
The NCDs will be listed on the BSE (wholesale debt market segment). The tenure is four years, 8 months, 11 days from the date of allotment of July 31, 2020. ICRA Ratings and India Ratings & Research Private have assigned AAA (Stable) rating to ONGC's Rs 5000 crore non-convertible debentures (NCDs).
The announcement was made after market hours yesterday, 29 July 2020. Shares of ONGC fell 0.56% to settle at Rs 79.50 yesterday.
ONGC is India's largest integrated oil and gas company. Its main operations include upstream exploration and production. It also has operations in downstream segments.
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