Rosneft and Trafigura-UCP promoted Nayara Energy Limited, India’s second-largest private refiner, has raised ₹2,400 crore via its maiden placement of non-convertible debentures (NCDs) in the domestic market.
Axis Bank was the sole arranger for the issue, which was subscribed 1.6 times the base size of ₹1,500 crore, said a company statement. The issue proceeds would be used for working capital requirements and refinancing of existing debt.
“It is a landmark event in the history of the company being the first foray in the Indian debt capital market,” said B. Anand, CEO, Nayara Energy.