BPCL Board Approves ₹5,000 Crore Fundraise, Debentures May Be Issued In 10 Tranches
Mumbai: State-owned Bharat Petroleum Corporation Limited (BPCL) has received board approval to raise up to Rs 5,000 crore by issuing non-convertible debentures (NCDs). The company announced the decision in an exchange filing on Tuesday, August 18. The proposal was approved by its board of directors at a meeting held during the day. Fundraising Plan BPCL said the debentures may be secured or…
Mumbai - The board of State-owned Bharat Petroleum Corporation Limited (BPCL) has approved plans to raise up to Rs 5,000 crore through the issuance of non-convertible debentures (NCDs). The decision was made during a board meeting on Tuesday, August 18. BPCL can issue these debentures as secured or unsecured debt, with the latter not backed by company assets.
The NCDs will also be redeemable, meaning BPCL will repay the borrowed amount to investors after a set period. The company is not obligated to raise the full amount in a single issue and may divide the fundraising into up to 10 tranches. The approved funds must be raised within a year, providing BPCL with flexibility to enter the debt market at opportune times.
Specific details such as interest rates, maturity periods, issue dates, and the amount raised in each tranche have not been disclosed yet. The final structure of the NCDs will depend on BPCL's funding needs and prevailing market conditions at the time of each issue.
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