|Chennai||Rs. 24020.00 (-0.17%)|
|Mumbai||Rs. 25020.00 (0.28%)|
|Delhi||Rs. 24450.00 (0%)|
|Kolkata||Rs. 24600.00 (-0.32%)|
|Kerala||Rs. 24050.00 (0%)|
|Bangalore||Rs. 24160.00 (-0.17%)|
|Hyderabad||Rs. 24030.00 (-0.12%)|
Assam-based Numaligarh Refinery Limited (NRL), a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), will be raising $90 million through External Commercial Borrowing (ECB) to finance some of its capital projects. This will be NRL's biggest financing deal since commissioning of the refinery in the year 2000.
The company on Saturday signed an agreement with State Bank of India (SBI) to raise the money. The company has for the first time accessed the route of dollar denominated financing in a big way through ECB. According to a company statement, ECB source has been tapped by NRL "as it is the most efficient and convenient mode of financing since it is dollar denominated and therefore the cost of borrowing will be much lower for NRL". SBI underwrote ECB at a competitive bidding and loan will be syndicated by the banks London Branch.