ONGC to refinance $1 bn Imperial takeover loan

ONGC to refinance $1 bn Imperial takeover loan

New Delhi: Oil and Natural Gas Corp., India’s biggest energy explorer, plans to raise $1 billion (around Rs4,650 crore) in a month to refinance debt its unit incurred in the purchase of U.K.-based Imperial Energy Plc amid current low interest rates.

ONGC has tied-up a dollar-denominated $200 million loan and plans to raise an additional $800 million by issuing bonds and selling commercial paper, D.K. Sarraf, director of finance, said in a telephone interview from New Delhi on Friday.

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