Gail (India) raises Rs 1,575 crore via NCDs

Gail (India) announced that it has issued non-convertible debentures (NCDs) aggregating to Rs 1,575 crore on 20 December 2022, on private placement basis.

The company has issued 15,750 senior, unsecured, listed, rated, taxable, non-cumulative, redeemable, NCDs of Rs 10 lakh each aggregating to Rs 1,575 crore, having a coupon rate of 7.34%.

The funds raised through this issue will be utilized for refinancing of existing borrowings and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business of the company.

The state-owned GAIL (India) is one of the largest natural gas processing & distribution company. The Government of India held 51.90% stake in Gail (India) as on 30 September 2022.

The company's consolidated net profit declined 55% to Rs 1,305 crore in Q2 FY23 from Rs 2,873 crore in Q2 FY22. Net revenue from operations during the quarter rose by 78% YoY to Rs 38,680 crore.

The scrip declined 0.51% to Rs 97.30 on the BSE.

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