Moneycontrol News
Essar Oil Ltd is looking to raise Rs 3,000 crore in debt funding, according to a report in Mint.
The debt funding will help the company meet its financial requirements, and will be done through non-convertible debentures.
"The debt will be raised through non-convertible debentures through a private placement in one or more tranches. This would be to meet the company's existing and future financial requirements," a source told the paper.
Moneycontrol could not independently verify the news.
Essar Oil is backed by Russian oil company Rosneft. The Mumbai-based company was acquired by Rosneft last year in a deal worth USD 12.9 billion.
Rosneft owns 49.13 percent of Essar Oil while Trafigura and UCP investment Group hold the other 49.13 percent.
The company is in the process of changing its name to Nayara Energy to create a new brand identity.
Essar Oil shipments from Iran in April rose 12 percent from a year ago, according to a Reuters report.
Essar Oil owns an oil refinery at Vadinar in Gujarat.
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