Debt

Debt Financing

Oil refinery owner Nayara Energy raises R.2,285-Cr via NCDs

Business Line  

Mumbai-headquartered Nayara Energy, which owns and operates the Vadinar oil refinery in Gujarat, has raised INR 2,285 crore through a debenture issue that was oversubscribed by 128.5 % over the base size of INR 1,000 crore. Proceeds of the issue will be used for the refinancing of existing debt, routine capex and general corporate purpose. The secured NCDs are rated ‘AA' with a stable outlook by CARE Ratings and were offered at a coupon rate of 8.75 % with a three-year bullet maturity.