Yesterday, Gail (India) announced the non-convertible debentures (NCDs) with an aggregating value of Rs 1,575 crore through a private placement basis.

The company has issued 15,750 unsecured, senior, rated, listed, non-cumulative, taxable, redeemable NCDs of Rs 10 lakh each, aggregating to Rs 1,575 crore, having a coupon rate of 7.34%.

Further funds raised through this offering will be used to refinance the company’s existing borrowings and/or capital expenditures, including recovering costs incurred and/or for any other purpose in the company’s ordinary business.

This company is India’s most significant production and distributor of Oil and Gas in which the stake held by the Government is 51.90% at the end of 30 September 2022.

The company’s net profit went down 55% to Rs 1,305 crore in the July-September quarter of FY23 from Rs 2,873 crore inJuly-September quarter of FY22. Net revenue from operations rose by 78% yearly to Rs 38,680 crore.

On BSE, the scrip fell by 0.51% to Rs 97.30.