Oil and Natural Gas Corporation Limited ("Company" or "Issuer"), have issued US$300 Million notes at a coupon of 3.375 per cent per annum payable semi-annually in arrears ("Notes") on 27 November, 2019 under the US$2,000,000,000 Medium Term Note Programme. The Notes are rated Baa1 from Moody's Investors Service and BBB- from S&P Global Ratings.
The Notes will mature on 5 December 2029, unless redeemed earlier subject to the terms and conditions of the Notes. The principal and interest payments pertaining to the Notes will be made in US Dollars. The settlement date for the Notes is expected to be 5 December 2019. The bond was priced at 99.253% to provide a yield to maturity of 3.464 per cent per annum.
The Notes represent direct, senior, unconditional and unsecured obligations of the Company and will rank pari passu among themselves and all other unsecured obligations of the Company. The Notes will be listed on the Singapore Stock Exchange (SGX-ST) and the India International Exchange (IFSC) Limited (India-lNX).
The proceeds from the sale of the Notes will be applied for the purpose of capital expenditure, in accordance with the external commercial borrowing regulations and other applicable regulations, guidelines of the Reserve Bank of India.
Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.133.2 as compared to the previous close of Rs. 132.65. The total number of shares traded during the day was 247529 in over 3961 trades.
The stock hit an intraday high of Rs. 133.65 and intraday low of 131.15. The net turnover during the day was Rs. 32729341.