(LiveMint)
State-run Bharat Petroleum Corp. Ltd (BPCL) will shortly hit the market to raise $500 million to partly fund its planned capital expenditure of Rs8,000 crore for this fiscal, two people aware of the development said. “We are planning to raise $500 million shortly. We are still working on the timeline and the instrument we would be using to raise the funds,” a senior BPCL official said on condition of anonymity as he is not allowed to speak to reporters.
BPCL did not reply to an emailed questionnaire sent on Tuesday. BPCL is expanding all its four refineries at Kochi, Bina, Mumbai and Numaligarh and the capital is being raised to fund these expansions.In a note to stock exchanges on 17 October, BPCL said it was planning to raise up to Rs2,000 crore during the current financial year through private placement of unsecured non-convertible debentures, subject to marketing conditions.
