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Oil India Ltd has raised USD 500 million through overseas bonds for paying the bridge loan that has been taken by it to acquire stake in Russian oilfields.
The company has said in a stock exchange filing that Oil India International Pte Ltd (OIIPL), a wholly owned subsidiary of OIL, priced the 10-year notes at a coupon of 4 percent per annum payable half year.
The notes are going to be listed on the Singapore Stock Exchange.
The company further said that “the net proceeds will be used for partial repayment of bridge loans raised by OIIPL for financing the recent acquisition of stakes in Russian companies, namely LLC Taas Yuryakh and JSC Vankorneft.”
