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ONGC seeks shareholders' approval to raise $4 billion

ONGC's first debt issue in more than a decade would likely buy government's 51.1-per cent stake

Reuters  |  MUMBAI 

India's state-owned Oil and Natural Gas Corp said on Monday it wanted to raise Rs  25,000 crore ($3.9 billion) through debt to fund acquisitions and capital expenditure this financial year. ONGC's first debt issue in more than a decade would likely buy the government's 51.1-per cent stake in refining and marketing company Hindustan Petroleum Corp Ltd, company officials and analysts said. New Delhi, which has about a dozen state-owned oil and gas companies with significant overlaps in operations - is trying to create a large integrated energy firm. ONGC, ...

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First Published: Mon, September 04 2017. 21:54 IST
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