ONGC Videsh plans to raise $700 million from overseas investors

The company plans to retire old loans

ONGC Videsh (OVL) is planning to raise $700 million from overseas investors as syndicated loans in its efforts to take advantage of the falling interest rates in the international markets and retire its old loans.
 
The company has requested banks to send in their proposals for participating in the offer, which includes a $200-million greenshoe option. OVL expects several banks to join the offering — considering the investor demand for its previous offers. The syndicated loan is expected to be priced at around 100 basis points over the Libor rate, said a banker close to the transaction.
 
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