Hindustan Petroleum Corpora-tion Ltd (HPCL), the second largest public sector crude refining and marketing company, has decided to go in for a Rs 1,000 crore primary issue to fund its Bhatinda refinery in Punjab.
While Rs 100 crore would be a direct equity issue, the balance Rs 900 crore would be in the nature of a quasi-equity instrument like optional fully convertible debentures.
The corporation has already sought the Securities and Exchange Board of India clearance for the issue.
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The 9-million-tonne grassroot refinery is expected to come up under Guru Gobind Singh Refinery Ltd (GGSRL), a subsidiary of HPCL.
Speaking to Business Standard, HL Zutshi, chairman and managing director of HPCL said,
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