(PTI)
State-owned gas utility GAIL India Ltd on Thursday said its board has approved raising up to Rs 1,500 crore in debt to part-fund its ambitious plan to expand its pipeline capacity over the next few years. The company plans to raise funds through domestic bonds in one or more tranches in the next six months. “The Board of Directors in its meeting held today inter alia approved to borrow rupee debt funds up to Rs 1,500 crore including greenshoe option through secured/unsecured, redeemable, taxable non-convertible bond(s) in one or more tranches from time to time on private placement basis,” the company said in a regulatory filing. Greenshoe option allows a company to borrow more than the notified amount if it gets a favourable cost of borrowing.
