Financial Daily from THE HINDU group of publications
Thursday, Apr 03, 2003
Financial Daily from THE HINDU group of publications Thursday, Apr 03, 2003 |
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Corporate
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Corporate Bonds Essar Oil seeks more time for bonds repayment Our Bureau
MUMBAI, April 2 ESSAR Oil Ltd is seeking more time - another 12 years - for repayment of money, which the company had raised through debentures in 1995. The company has decided to reschedule redemption of its secured 14 per cent redeemable non-convertible debentures of Rs 105 each, aggregating Rs 568 crore. The eight-year debentures are due for redemption on April 20. According to sources, the company is now seeking a four-year moratorium on redemption after the Essar Oil refinery is commissioned. As per the current plan, the proposed refinery at Vadinar in Gujarat is expected to be commissioned by end-2004. In addition to the four-year moratorium, the company has also sought another eight years for full redemption of the debentures. In a notification to the stock exchange, Essar Oil said the company had made an application on March 31, before the Gujarat High Court for calling meetings of the debenture holders for their approval.
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