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Saturday, Jan 24, 2004

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ADB picks up 5.2 pc stake in Petronet LNG

Our Bureau

Mumbai , Jan. 23

ASIAN Development Bank (ADB) has signed an agreement to pick up 5.2 per cent equity in Petronet LNG Ltd.

ADB has been involved in the Dahej LNG terminal from the inception stage and has provided assistance in preparation of the detailed feasibility report.

The ADB board has sanctioned total financial assistance of Rs 352.5 crore for the 5.2 per cent equity and partial credit guarantee for redeemable bond issue of Rs 525 crore, which has been planned for May 2004.

This will enable the company to reduce cost of borrowing, which in turn would help increase shareholder wealth.

PLL has planned a Rs 261-crore IPO in February at a premium.

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