|
BINA REFINERY IPO BY SEPTEMBER–END, Rs.2,500 Cr IPO mooted in two phases |
|
18-Apr-2008 |
| |
|
| |
Bharat Oman Refineries Limited (BORL) – the Rs.10,300 crore ambitious refinery project at Bina (Sagar) in Madhya Pradesh – will come up with its initial public offering (IPO) by September end.
The company in this regard filed a draft red herring prospectus (DRHP) with the SEBI on March 28.
“BORL has planned the Rs.2500 crore public issue in two phases – pre IPO (in Rs.1000 range) and IPO (in Rs.1500 range),” BORL Managing Director Mr. R.P.Singh told HT on Thursday while on his way to Bina from Mumbai. He said the company is bringing the IPO for the purpose of raising fund to the tune of Rs.3,850 crore for the upcoming 6 million-ton capacity refinery project at Bina.
“Apart from Rs.2500 crore, Rs.27 core will be funded by the MP Government, Rs.76 crore by Oman Oil Company and the rest by the parent organization BPCL” mentioned Mr. Singh.
Bharat Petroleum Corporation Limited (BPCL) – a fortune Global 500 Company – is promoting the BORL.
The refinery project is to be funded with a mix of debt and equity in the ratio of 1.6:1 and a debt component of Rs.6400 crore.
“The total exercise of Pre-IPO, followed by IPO will be completed within six months,” the MD added. The refinery project is scheduled for completion by December 2009.
|
|
|
| Source :
HINDUSTAN TIMES, BHOPAL
|
|
<< Back |
|