MUMBAI: India’s top oil company, Oil and Natural Gas Corporation Ltd (ONGC) on August 7 has approved the offer and issuance of up to 10,000 unsecured, listed, redeemable, non-cumulative, taxable, non-convertible debentures (NCDs) of face value of Rs10,00,000 to raise up to Rs1,000 crore.
The issue will be on private placement basis to identified investors at an interest rate of 6.40 per cent payable annually. The NCDs will be listed on BSE, on the wholesale debt market segment.
The allotment of NCDs will take place on August 11, 2020 and the tenure of the debentures will be 10 years, 8 months from the date of allotment.
While the first interest payment will be on August 11, 2021, thereon, interest will be paid on August 11 every year, and the accrued Interest on the last Interest payment will on April 11, 2031 along with redemption amount.