PremiumMumbai: Rosneft-owned Nayara Energy, an integrated downstream energy company, has raised ₹2,285 crore through the placement of non-convertible debentures (NCDs) in the domestic market, the firm said on Friday.
The issue was over-subscribed by 128.5% over the base size of ₹1,000 crore. The proceeds will be used to refinance existing debt, routine capital expenditure and general corporate purposes.
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.
“The oversubscription 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," said Anup Vikal, chief fin-ancial officer, Nayara Energy.
Nayara Energy is a downstream energy and petrochemicals company with a presence across the hydrocarbon value chain from refining to retail. In August 2017, the company was acquired by Russian energy major Rosneft and an investment consortium comprising global commodity trading firm Trafigura and UCP Investment Group.
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