On March 18, state-owned Bharat Petroleum Corporation Ltd (BPCL) announced that it had raised Rs 935.61 crore by issuing non-convertible debentures (NCDs) to accredited investors.

The company notified the stock exchange that it had allotted “93,561 unsecured, listed, rated, non-cumulative and callable” NCDs with a face value of “Rs 1 lakh each”.

It noted that the taxable NCDs had been allocated “in a private placement to selected investors” at a rate of “7.58% per annum”.

The regulatory filing said the facility has a term of three years from the distribution date, adding that the maturity date has been set for March 17, 2026.

“In the event of default on the interest and/or redemption amount on the due date, the company will pay an additional interest of 2% per annum above the rate payable by the NCD,” BPCL said.

Last month, the oil marketing company said it plans to raise Rs 1,500 crore in the current financial year by issuing NCDs.

BPCL faces losses for not raising retail fuel prices after April 2022, even as international prices surged due to the Russia-Ukraine war. Citing government officials, a CNBC TV-18 report said the company and two other public sector OMCs, Indian Oil Corporation and Hindustan Petroleum Corporation, posted a combined loss of Rs 18,622 crore for the April-December period.

Shares of BPCL closed at Rs 351 per share at the end of the last trading day on March 17. The price was up 0.5% compared to the previous day’s closing price. Shares of the company are up 5.3% so far in 2023 after a poor performance last calendar year.