State-run Oil & Natural Gas Corporation (ONGC) has listed its $300 million issue on the Global Securities Market of India International Exchange IFSC (India INX). The issue was made under ONGC's Euro medium-term note (EMTN) programme.
In a statement, India INX said the issue comes with a coupon rate of 3.375 per cent and is due in 2029. The exchange further said that ONGC has established its $2 billion medium-term note (MTN) programme on the exchange's Global securities Market and the $300 million is its maiden issue under the programme.
An EMTN programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements.ONGC is among a select set of companies the world over to set up an EMTN programme and India’s first oil and gas public sector integrated energy major to do so.
"We are happy to be part of India INX at IFSC, GIFT City to list ONGC’s maiden issue of $300 million under its EMTN programme of $2 billion on the Global Securities Market of India INX, which offers an opportunity to reach out to international investors to raise funds in a similar manner in other international markets, in addition to providing a single-window facility for compliance reporting," said Shashi Shanker, Chairman and MD, ONGC.
V Balasubramaniam, MD and CEO, India INX added, "The $2 billion EMTN programme further attests the regulatory robustness and transparency on offer at India INX. This will help further the Government of India’s vision of making IFSC a hub for Indian and global issuers and investors and reiterates our world class listing practice.”