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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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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