| shenaeyktq | Date: Thursday, 20 Jun 2013, 02:34:27 | Message # 1 |
|
Colonel general
Group: Users
Messages: 973
Status: Offline
| <a href=http://www.hervelegeresfall.info/herve-leger-orange-elise-vneck-bandage-dress-p-934.html>Herve Leger Orange Elise V-Neck Bandage Dress</a>
<a href=http://www.hervelegeresfall.info/manolo-blahnik-nesta-fur-trim-bootiembs13-p-216.html>Manolo Blahnik 'Nesta' Fur Trim Bootie-MBS13</a>
<a href=http://www.hervelegeresfall.info/red-black-herve-leger-niva-jacquard-print-bandage-dress-p-932.html>Red Black Herve Leger Niva Jacquard Print Bandage Dress</a>
The discovery of such low rates for bonds of a Gujarat PSU opens up new areas of fund raising options and is a testimony to the interest of financial market in the State Government PSUs, the official said.
Despite the challenges of the current financial market condition, all these bonds were raised at competitive interest rates of 9.39 per cent for 8year bonds, 9.45 per cent for 10year bonds and 10.45 per cent for 60year bonds.
GSPC had entered the bond market for raising Rs 3,000 crore of corporate debt by issuing three different bonds having maturities of 8, 10 and 60 years respectively. issue met with an overwhelming response from the financial market and against the total size of Rs 3,000 crore (including greenshoe option of Rs 1,500 crore), bids were received for Rs 10,100 crore, a company official said here.
These are among the lowest rates for this rating category of bonds in the last one year. fact, till date, only Tata Power and Tata Steel have been able to raise funds through the perpetual/ 60year term bonds and the interest payable by GSPC is the lowestever in this segment, the official said.
锘?00 cr via bonds for capex need
According to a company statement, this became possible due to a transparent process which involved an bidding response from the top merchant bankers of the debt market in India. The bid evaluation criteria involved a combination of interest rate and arranger's fee and an L1 bidder was selected on the basis of the lowest net cost to the company.
Aiming to revive its longcherished IPO dream in 2013 should the market conditions improve further, the statepromoted Gujarat State Petroleum Corporation Ltd (GSPC) has raised Rs 3,000 crore from the bond market to meet the capital expenditure requirements for its ongoing exploration and production (E activities and for refinancing the existing higher cost shortterm loans.
Keywords: Gujarat State Petroleum Corporation, GSPC, capital expenditure, bond issue, interest rates, Deen Dayal field, KG Basin, Cambay basin, GSPC IPO, GSPC bond issue
The arrangers to the issue are Trust Capital, ICICI Bank and Axis Bank. The bonds are being listed on the WDM segment of NSE and would be tradable.
GSPC had been trying to raise about Rs 4,000 crore via the IPO route to fund its activities in the KrishnaGodavari Basin but had to postpone its efforts time and again in the last five years. In 2010, it tied up for Rs 3,000crore term loans through a consortium of 15 banks, led by the Bank of Baroda, to finance its Deen Dayal West (DDW) field in the KG Basin on the coast of Andhra Pradesh and develop it for commercial production.
The Gujarat Government currently holds a majority equity stake (91.35 per cent) in the integrated energy company, seen as a brother of ONGC and GAIL in India. Like ONGC, it holds working interests in 15 production fields in the Cambay Basin, in 64 onshore and offshore exploration and production blocks in India and overseas. Similarly, like GAIL, it is a key gas transmission company now expanding beyond Gujarat, up to Jammu and Kashmir in the north and Odisha in the East.
The 8year and 10year bonds were rated AA by CRISIL and AA+ by CARE. For the 60year bonds, the ratings assigned by the two agencies were AA and AA, respectively.
http://oakleysunglasses2sale.webs.com/
|
| |
|
|
