A unit of Oil India is likely to raise around 50 billion rupees ($565 million) through the sale of short-term bonds next month, two merchant bankers said on Friday.
Numaligarh Refinery, based in the state of Assam, is looking to issue its debut notes with a maturity of three years to five years, the bankers, who are aware of the matter, said.
The company did not respond to an email seeking comment, while the bankers requested anonymity as the matter is private.
“The company could tap the market in September, and if the need arises, it could also go for a two-tranche issue,” one of the bankers said.
The bonds have been rated ‘AAA’ by Crisil and India Ratings.
The issuance comes at a time when Indian firms have raised a record quantum of funds in the first five months of this financial year.
($1 = 88.28 Indian rupees)
