Bharat Petroleum Corp Ltd to raise Rs 2K crore by March end

NEW DELHI: State-owned Bharat Petroleum Corp Ltd today said it will raise Rs 2,000 crore in debt in the current fiscal ending March 31 to fund its capex requirements.

In a notice to stock exchanges, BPCL said its shareholders had on September 21 last year approved raising of funds through 'Private Placement of Non-Convertible Bonds/Debentures and/or Other Debt Securities'.

"In exercise of the said delegated authority, BPCL is planning to raise up to Rs 2,000 crores during the current financial year through private placement of secured non- convertible debentures subject to market conditions," it said.

The debentures are proposed to be listed on Debt Market segment of the BSE Ltd and National Stock Exchange of India Ltd (NSE).

Last month, BPCL had raised USD 600 million by selling 10-year dollar bonds to investors in Asia and Europe.

Its Singapore arm BPRL International Singapore Pte Ltd raised the money at 200 basis points above the 10-year US treasury which came to around 4.375 per cent.

BPCL had at that time stated that it will use the money to refinance short term loans taken by the company to buy stakes in Tass-Yuryakh and Vankor, two oil fields operated by Russian government owned oil giant Rosneft.