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ONGC board to consider proposal to raise Rs 45,000 cr next week

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NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) on Monday said its board will meet on September 1 to consider raising funds of up to Rs 45,000 crore.

The board will also consider and approve the company’s financial results for the June quarter on the said date, ONGC said in a BSE filing.

It will consider raising of funds “by way of availing Bank loan(s) and/ or issue of debt instruments (including bonds, NCDs and notes) in domestic and/or overseas market including drawdown(s) under Euro Medium Term Note (EMTN) programs not exceeding Rs 35,000 crore,” it said.

It will take a call on “establishing and/or extending EMTN (European Medium Term Note programme) program of the company not exceeding USD 2 billion, out of the limit of Rs 35,000 crore (mentioned above)…subject to applicable laws, the filing added.

The board will also decide on availing loan not exceeding Rs 10,000 crore against bank term deposit.

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