ONGC Completes US$300 Million International Bond Offering
Indian state-owned oil company Oil & Natural Gas Corporation Ltd. (ONGC) has completed its maiden international offering of US$300 million of 3.375% bonds due 2029. The bonds were sold at a price of 99.253%, and will be redeemable at 100% of the principal amount. Subscribers included investors across Singapore, Hong Kong, London, Taiwan, Japan, and the Middle East, and the bonds have been listed on the Singapore Exchange (SGX). The Company intends to use the proceeds of the bond offering to fund capital expenditure. Citibank, DBS Bank, MUFG Bank, SBI Capital Markets, and Standard Chartered acted as the bookrunners for the offering.