The amount can be used to repay about Rs 15,000 crore of the existing borrowings and fund acquisitions
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) on Thursday said it plans to raise up to $2 billion in overseas borrowings through a unique and flexible, Singapore-listed debt instrument that provides it with an option to raise funds at short notice.
The funds so raised can be used to repay about Rs 15,000 crore of the company's existing borrowings, fund acquisitions or meet project/asset expenses.
In a press statement, ONGC said it has "set up a Euro Medium Term Note (EMTN) program of $2 billion which will be listed on the Singapore Stock Exchange."
The EMTN program would enable ONGC or any of its named subsidiaries to go to market at short notice, say 5 to 10 days, to borrow funds any number of times within a one year period.
For the current EMTN program, ONGC, its overseas arm ONGC Videsh Ltd (OVL) or its subsidiaries can access the market.
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