Hindustan Petroleum to raise Rs 10,000 crore in debt; to fund oil refining, fuel marketing operations

Hindustan Petroleum Corporation Ltd (HPCL) will raise Rs 10,000 crore in debt from domestic or overseas market to fund its oil refining and fuel marketing operations, the company said on Thursday.

The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. Up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval".

In a stock exchange filing, HPCL said the borrowing was within the overall borrowing powers of the company.

Separately, the company raised Rs 750 crore through issue of debentures on private placement basis to refinance "existing borowing and/or funding of capial expenditure".

The 10-year debenture will carry a coupon rate of 7.54 per cent per annum.

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