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ONGC mulls bond issue

Calcutta, Jan. 25: Oil and Natural Gas Corporation (ONGC) is planning to come up with a bond issue to part finance an investment of over Rs 15,000 crore in overseas projects. Sources said the company is weighing options to garner funds for overseas projects. The issue of bonds is being given priority.

ONGC chairman Subir Raha said huge funds would be required to meet the overseas investment commitment.

“We may have to go for a public float which could be a bond or a mixture of bond and equity. But no concrete plan has been in place so far,” he added.

Raha, however, did not divulge details about the exact instrument.

Sources said the issue, when in place, will be in two parts. While 50 per cent of the issue will be floated in the domestic market, the remaining will be issued abroad.

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