GAIL (India) Ltd is planning to raise Rs 750 crore in bonds via private placement to finance its ongoing projects.
The company has decided to issue non-convertible bonds of up to Rs 750 crore with an option to double the issue size via private placement in one or more tranches, GAIL said in a statement. “The issue of the rupee bonds would help in funding the growing capex requirements for the future growth of the company,” Chairman BC Tripathi said.
The Board also recommended issuance of one bonus share for every three equity shares held by shareholders. Following the issue, the paid-up share capital of the company will expand from Rs 1,268 crore to Rs 1,691 crore.