OPaL board approves plan to raise up to Rs 4,471 crore through NCDs 
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OPaL board approves plan to raise up to Rs 4,471 crore through NCDs

OPal board has approved the plan to raise up to Rs 4,471 crore through the private placement of secured or unsecured, redeemable NCDs in one or more tranches

PSU Watch Bureau

New Delhi: ONGC Petro additions Limited (OPaL), a subsidiary of Oil and Natural Gas Corporation Limited, has approved a proposal to raise up to Rs 4,471 crore through the private placement of secured or unsecured, redeemable Non-Convertible Debentures (NCDs) in one or more tranches.

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According to a regulatory filing by Oil and Natural Gas Corporation Limited (ONGC), the proposal was approved by the Board of Directors of ONGC Petro additions Limited at its 134th board meeting held on June 11. The fund-raising plan was recommended by the company's Audit Committee and remains subject to shareholders' approval as well as other applicable statutory and regulatory clearances.

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Also read:ONGC acquires 50% stake in 2 ethane shipping JVs with Japan’s Mitsui O.S.K. Lines

The proposed fund raising will be undertaken through the issuance of secured or unsecured, redeemable NCDs via private placement, with the aggregate amount not exceeding Rs 4,471 crore.

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