Financial Daily from THE HINDU group of publications
Saturday, Feb 05, 2005
Financial Daily from THE HINDU group of publications Saturday, Feb 05, 2005 |
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Corporate
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Overseas Borrowings Essar Oil raises $213 m via foreign convertible bonds Our Bureau
Mumbai , Feb. 4 ESSAR Group has raised about Rs 937 crore ($213 million) through two international bond issues to part finance its oil refinery in Gujarat. The group has informed stock exchanges that two group companies, Essar Oil Ltd and Essar Shipping, have issued Foreign Currency Convertible Bonds (FCCBs) worth $166 million and $47 million respectively on January 31. While Essar Oil is setting up the10.5-million-tonne refinery at Vadinar in Gujarat, the group's shipping company is developing a terminal - Vadinar Oil Terminal Ltd - for handling crude and petroleum products for the refinery. The fresh fund raising follows the recent recast of Essar Oil's debts by the local institutional lenders, clearing their commitments to the project. The refinery project, planned more than a decade ago, had suffered several setbacks on legal, financial and natural calamities fronts. According to Essar officials, the group now has restarted the work, which was suspended in 1998 following the cyclone that had damaged equipment and properties.
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