Overseas fund raising season kicked-off for the year with state-owned Bharat Petroleum BPCL BSE 0.36 % Corp mopping up funds at a cheaper rate and NTPCBSE 1.23 % planning similar bond sale within weeks.
Oil marketing company BPCLBSE 0.36 % on Wednesday raised $600 million by selling 10-year dollar bonds to investors in Asia and Europe.
BPCL’s Singapore arm BPRL International Singapore Pte Ltd raised the money at 200 basis points above the 10-year US treasury which came to around 4.375per cent. “The bond was raised at a rate which is among the best in 10 years. This bond will open the door for more Indian companies to raise money,” said a banker involved in the deal.Read more