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ONGC share price rises after ICRA assigns 'AAA' credit rating to non-convertible debentures

ICRA Limited has assigned 'AAA' credit rating for Non-Convertible Debentures (NCD) of the Company for Rs 7,500 crore, the company said in an exchange filing.

September 09, 2021 / 10:23 AM IST
ONGC | ICRA has assigned 'AAA' credit rating for non-convertible debentures (NCD) of the company for Rs 7,500 crore.

ONGC | ICRA has assigned 'AAA' credit rating for non-convertible debentures (NCD) of the company for Rs 7,500 crore.

 
 
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Oil and Natural Gas Corporation (ONGC) share price gained over 3 percent in the morning session on September 9 after ICRA assigned 'AAA' credit rating for non-convertible debentures (NCD) of the company.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015), it is hereby informed that ICRA Limited has assigned 'AAA' credit rating for Non-Convertible Debentures (NCD) of the Company for Rs 7,500 crore, the company said in an exchange filing.

The stock was trading at Rs 122.95, up Rs 4.00, or 3.36 percent. It has touched an intraday high of Rs 123.10 and an intraday low of Rs 118.25.

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Research and broking firm ICICI Direct has a buy call on the stock with target of Rs 214 per share.

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ONGC Videsh (OVL) is planning to raise $700 million from overseas investors as syndicated loans in its efforts to take advantage of the falling interest rates in the international markets and retire its old loans, according to media reports.

The company has requested banks to send in their proposals for participating in the offer, which includes a $200-million greenshoe option. OVL expects several banks to join the offering — considering the investor demand for its previous offers. The syndicated loan is expected to be priced at around 100 basis points over the Libor rate, said a banker close to the transaction.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Sep 9, 2021 10:23 am

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