OPaL to raise Rs 30 billion for debt repayment, capital expenditure

Raises initial Rs 3.35 billion through maiden issue of NCDs

Having successfully mopped up Rs 3.35 billion through its maiden issuance of listed non-convertible debentures (NCDs), ONGC Petro additions Limited (OPaL) is looking to raise another Rs 26.5 billion in one year.

A joint venture of ONGC Ltd. & GAIL (India) Limited and co-promoted by GSPC, OPaL is planning to raise a total Rs 30 billion through multiple tranches for retiring short term loans and partly funding its capital expenditure.

Of the total Rs 30 billion to be raised in a year, the company has successfully raised Rs 3.35 billion through NCDs at a coupon rate of 8.6 per cent.