Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
Business Standard

GSPC's IPO plan still on track, says MD

However, the company may not launch the IPO immediately but by the end of the next fiscal

Related News

Even as the state-owned oil and gas major, Gujarat State Petroleum Corporation (GSPC) has raised Rs 3,000 crore through debt markets recently, the company has kept its options open for the initial public offering (IPO). In fact, the company officials believe that Rs 3,000-crore bonds issue would actually help the state to successfully raise additional funds from its likely next year.

"Our plans for IPO are still on. This bonds issue will further help us in successfully raising additional funds through primary markets. Listing of our bonds on NSE shows that our corporate governance is streamlined," Tapan Ray, managing director, told Business Standard. "We may not launch the IPO immediately but by the end of the next fiscal, we may come up with a public offering," said Ray.

GSPC on Tuesday announced raising of Rs 3,000 crore through issue with maturity period of 8 year, 10 years and 60 years. The bond issue was launched about 10 days back for the domestic institutional investors and was oversubscribed with total bids worth Rs 10,100 crore.

According to Ray, of the total Rs 3,000 crore raised, Rs 1,000 crore is raised through perpetual bonds (quasi equity), while the remaining Rs 2,000 crore is from non-convertible debentures.

"We are among the first companies to offer perpetual bonds in India with a maturity period of 60 years. These perpetual bonds have slightly higher interest rates. Till date only Tata Group of Companies (Tata Power and Tata Steel) have been able to raise funds through perpetual or 60 year term bonds,” said Ray.

Read more on:   

Read More

Nippon Steel, Sumitomo Metal to formally merge tomorrow

Japan's two major steelmakers Nippon Steel and Sumitomo Metal Industries are set to formally merge tomorrow, forming the world's second largest steel ...

Recommended for you

Quick Links


Back to Top