The Hindu Business Line

OVL raises $1 billion in bonds


ONGC Videsh Ltd (OVL) has raised $1 billion through a dollar bonds issue to finance its acquisitio­n of 15 per cent stake in Russia’s second biggest oil field Vankor, its Managing Director Narendra K Verma said. OVL, the overseas arm of Oil and Natural Gas Corp (ONGC), raised $600 million through a 10-year bond at a coupon rate of US treasury rate plus 2.20 per cent and another $400 million through a 5.5-year maturity bond at an interest rate of US treasury rate plus 1.75 per cent, Verma said.

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