|Chennai||Rs. 27770.00 (-0.14%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
A unit of state-run Oil and Natural Gas Corp
The firm is expected to issue bonds with 5- or 10-year tenure and the deal is expected to hit the market in January after the documentation process is complete, the sources said.
"Currently borrowing in dollars is available at cheaper rate. Our purchase of assets is in dollar and in our balance sheet asset and liabilities are shown in dollars," D.K. Saraf, managing director of ONGC Videsh, the overseas arm of India's biggest energy explorer, told reporters.
The sale of the pipeline to ONGC Videsh is expected to close in the first quarter of 2013, the U.S. firm said in September, and is subject to Indian and other regulatory approval.
Indian issuers can borrow up to $750 million in markets abroad under the automatic approval route and must seek Indian central bank permission to raise more.
"If we get permission ,we will raise $900 million. Otherwise it will be $750 million," said a separate source with direct knowledge of the matter, adding that the borrowings will be made in January.