Nayara Energy Ltd., formerly Essar Oil, said it had raised ₹2,285 crore through placement of non-convertible debentures (NCDs) in the domestic market. The issue got over-subscribed by 128.5% over the base size of ₹1,000 crore, it said.
“Proceeds of the issue will be utilised for refinancing of existing debt, routine capex and general corporate purpose,” it said.
The secured NCDs were offered with a coupon rate of 8.75% with a three-year bullet maturity. The company had recently repaid its 2018 NCDs of ₹2,400 crore.
Anup Vikal, CFO said, “The over-subscription reiterates the confidence of our investors in the company’s strong parentage, experienced management team and significant improvement in asset and liability profile. We remain committed to accelerate our growth plans in India to become one of the largest integrated energy and petrochemicals complexes in the country.”
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