Oil and Natural Gas Corporation (ONGC) has received approval to offer and issue 5,000 unsecured, redeemable, non-cumulative, taxable, nonconvertible debentures (NCD) of face value of Rs 10,00,000 at par aggregating to a total issue size of up to Rs 500 crore on private placement basis to identified investors at the interest rate of 5.25% p.a. payable annually.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
