Oil Marketing Company (OMC) Bharat Petroleum Corp Ltd on Monday said that it plans to raise up to Rs 2000 crore 1,500 crore during the current financial year through private placement of unsecured non-convertible debentures (NCDs). BPCL shares closed down 1.70 per cent. 326.05 on NSE today at Rs.
The debentures are proposed to be listed on the exchanges on the debt market segment BSE and NSE.
,BPCL planning to expand to 1,500 crore during the current financial year 2022-23 through private placement of unsecured non-convertible debentures subject to market conditions,” Bharat Petroleum said in a regulatory filing.
“The details of the issue will depend on market conditions, category of investors, issue price, tenor, rate of interest etc., which will be informed on crystallisation of the issue,” BPCL said.
Meanwhile, BPCL reported a 31% decline in its December quarter profit, hurt by losses due to stagnant pump prices. The company’s standalone net profit fell 1,960 crore in the third quarter against Rs. 2,828 crore a year ago.
The marketing under-recovery of oil marketing companies has been affected by retail prices which have remained stable since April last year.
High crude oil prices coupled with stable retail prices hurt the margins of OMCs as they would not be able to recover the cost for importing and refining the crude.
Bharat Petroleum’s market sales rose to 12.81 million metric tonnes (MMT) in the quarter from 11.15 MMT a year ago, indicating that the company’s profit took a hit as it sold more fuel.
However, the refiner saw its nine-month gross refining margin rise to $20.08 a barrel from $6.78 a barrel in the same period a year ago.
BPCL’s revenue increased by 13.7% 1.33 lakh crore in the latest quarter.
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