HPCL raises 1,650 cr via debentures

Hindustan Petroleum Corporation (HPCL) announced that it has issued debentures aggregating to Rs 1,650 crore on 2 March 2023, on private placement basis.

The company issued 1,65,000 unsecured, redeemable, non-convertible, non-cumulative, taxable debentures having face value of Rs 1 lakh each, aggregating to Rs 1,650 crore. The bonds carry a coupon rate of 7.74% per annum.

The said debentures will mature on 2 March 2028 and it will be listed on BSE and National Stock Exchange of India.

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

HPCL is engaged, primarily in the business of refining of crude oil and marketing of petroleum products. The company's consolidated net profit declined 67.2% to Rs 444.26 crore despite of 13.5% jump in net sales to Rs 1,09,306.46 crore in Q3 FY23 over Q3 FY22.

The scrip rose 0.25% to Rs 218.70 on the BSE.

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