BPCL to raise $500 million by means of bonds
Bharat Petroleum Corporation (BPCL) plans to raise $500 million (Rs 3,300 crore) in dollar bonds by mid-November to meet its capital consumption focus of Rs 8,000 crore for the budgetary year finishing March 31, 2018.
K Sivakumar, executive (back), BPCL told FE, “Of the Rs, 8,000 crore capex made arrangements for FY18, we will raise $500 million from abroad by means of bonds. We have assessed all alternatives, and in all probability, we will go for dollar-connected Singapore papers before the finish of October or mid-November.” BPCL’s four noteworthy refineries at Kochi, Bina, Mumbai, and Numaligarh are on extension mode and a noteworthy piece of the returns raised would go towards subsidizing these developments. The organization is likewise setting up petrochemical units, new pipelines and purchasing oil and gas resources abroad, which would require subsidizing at the appointed time.
In spite of the fact that the authority declined to remark on loan costs for securities, he said BPCL papers are appraised high keeping pace with sovereign evaluations, and they are confident they can use there as of late picked up Maharatna status to additionally deal with financing costs from banks. Yet, he advised that the firm would, in any case, need to contend with seven other Maharatna organizations, for example, IOC and GAIL. BPCL in January raised $600 million by offering 10-year dollar bonds to financial specialists in Asia and Europe. The firm will likewise take a gander at Indian rupee advances in future to raise the rest of the `4,700 crores of the capital use necessity for the entire year, Sivakumar said.
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