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ONGC Petro additions Limited (OPaL) — a joint venture between ONGC and GAIL (India) and co-promoted by Gujarat State Petroleum Corporation (GSPC) — on Friday said it has successfully completed its maiden issuance of listed Non-convertible debentures. The company raised ₹335 crore at the coupon rate of 8.60 per cent with a tenure of 3 years and 3 months. The primary objective is to retire the short-term loans and meet the medium-term funding needs to stabilise the petrochemicals operations. According to a top official at OPaL, the company is in the process of raising ₹3,000 crore over the next six months to one year through multiple tranches.
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