off-the-wire

India New Issue-ONGC Petro additions to issue 18-month bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 6 (Reuters) - India's ONGC Petro additions Ltd plans to raise at least 1 billion rupees ($12.2 million) through the sale of bonds maturing in 18 months, three merchant bankers said on Monday.


The state-run oil company has invited coupon and commitment bids from bankers and investors on Friday, they said.


The notes are rated AA by CRISIL and ICRA and the issue has a greenshoe option to retain an additional 4 billion rupees.


In January, the company had withdrawn its planned reissue of 8.58% November 2029 bonds on higher yield bids. ($1 = 81.8750 Indian rupees) (Reporting by Dharamraj Dhutia Editing by Sonia Cheema)

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