HPCL plans to raise Rs 1500 cr on private placement basis

Hindustan Petroleum Corporation (HPCL) on Tuesday announced plans to raise Rs 1,500 crore on private placement basis through non-convertible debentures on 28 February.

The PSU OMC said the fund raise would be utilised for refinancing of existing borrowings and/or funding of capital expenditure and/or for any other purpose in the ordinary course of business of the issuer.

Shares of HPCL were trading 0.13% higher at Rs 273.70 on BSE.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. As on 31 December 2021, ONGC held 54.90% in HPCL.

Hindustan Petroleum Corporation (HPCL) dropped 4.14% to Rs 301 after the company's standalone net profit tanked 63.1% to Rs 868.86 crore on a 40.8% surge in net sales to Rs 96,260.20 crore in Q3 FY22 over Q3 FY21.

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