HOCL plans to raise Rs 100 cr via bonds

NEW DELHI: State-owned Hindustan Organic Chemicals Ltd plans to raise Rs 100 crore through 4-year bonds at interest rate of around 10 per cent to finance the company's future projects.

"HOCL is going to launch four year bonds with interest rate around 10 per cent to provide funds for the company's future plans," a senior official in the Ministry of Chemicals and Fertilisers said.

He added that there are so many plans in front of the company and to materialise them "we are planning to raise this amount".

HOCL's net loss widened to Rs 45.04 crore for the first quarter ended on June 30 due to fall in sales. The company had posted net loss of Rs 34.53 crore in the April-June quarter of 2012-13 fiscal.

HOCL has two units at Rasayani in Maharashtra and Kochi in Kerala. It manufactures phenol, acetone, formaldehyde, nitrobenzene, aniline, nitro toluene and hydrogen peroxide, among other items.