Nayara Energy raises Rs 24 bn via NCDs, aims to refinance existing debt

Nayara is hopeful that the first round of successful fundraising will pave the way for more interest cost reduction

Rosneft-promoted Nayara Energy raised Rs 24 billion worth of funds through its first domestic bond issue, the company said in a press statement on Tuesday. 

"Nayara raised Rs 24 billion through its maiden placement of non-convertible debentures (NCDs) in the domestic market. Axis Bank was the sole arranger for this NCDs issue. The issue got over-subscribed by 60 per cent over the base size of Rs 15 billion," the company said in its statement.

The company looks to utilise the proceeds to meet working capital requirements and refinance its existing debt. "The 'AA' rated (rating issued by CARE Ratings) secured