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India's ONGC to raise $900 mln in overseas bond issue-chair

Source : REUTERS
Last Updated: Thu, Jan 31, 2013 13:20 hrs

NEW DELHI, Jan 31 (Reuters) - India's state-run Oil and Natural Gas Corp will raise $900 million through overseas bonds to fund an acquisition in Azerbaijan, Chairman Sudhir Vasudeva told reporters on Thursday.

ONGC Videsh, a unit of India's largest energy explorer was planning to raise up to $900 million to fund the buy, a company executive said in November. Two sources said separately the company had hired banks for the fund raising. (Reporting by Nidhi Verma; editing by Malini Menon)

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