ONGC board to mull fund raising on 1 Sept

The state-owned oil major on Monday said its board will meet on 1 September 2020 to consider raising funds of up to Rs 45,000 crore.

The board will also consider and approve the company's Q1 June 2020 results on the said date.

ONGC said its board will consider raising funds by way of availing bank loan(s) and/ or issue of debt instruments (including bonds, NCDs and notes) in domestic and/or overseas market including drawdown(s) under Euro Medium Term Note (EMTN) programs not exceeding Rs 35,000 crore, it said.

The board will consider establishing and/or extending EMTN (European Medium Term Note programme) program of the company not exceeding $2 billion, out of the limit of Rs 35,000 crore (mentioned above), it added.

Further, the board will also decide on availing loan not exceeding Rs 10,000 crore against bank term deposit.

Shares of ONGC were trading 0.37% lower at Rs 80.9 on BSE.

ONGC is India's largest integrated oil and gas company. Its main operations include upstream exploration and production. It also has operations in downstream segments. ONGC is 60.41% owned by the Government of India as on 30 June 2020.

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