Nation's largest oil explorer ONGC on Tuesday raised a whopping $ 2.214 billion - the largest bond sale from the country - through dual tranche money to fund its overseas arm OVl's Mozambique asset purchase.
The issue involved $1.5 billion of dollar money and 525 million in euros ($714 million at current exchange rate), merchant bankers told the news agency.
They said this is the largest dual currency RegS issuance from Asia, apart from being the first-ever euro issuance from a quasi-sovereign corporate. It is also the first dual currency RegS issuance from the country.
The RegS issue (which is not sold to resident American investors) has three tenures -- USD 750 million of 5-year money and the rest is of 10-year tenor, while the euro issue is a 7-year money, said the merchant bankers, which include RBS, Deutsche Bank, BNP Paribas, Standard Chartered and Citigroup.