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Essar Oil plans to raise up to $1.5 billion

23 Aug 2011 Evaluate

Essar Oil is planning to raise up to $1.5 billion in foreign currency loans to fund expansion hampered by the current downturn in global markets, forcing the company to seek for other options in tough market conditions.

The company had planned to raise the funds through a mix of equity shares, convertible debentures, global depository shares or American depository shares or foreign currency convertible bonds by way of public and/or private offering in domestic or international market(s) and/or qualified institutional placement.

Essar Oil, a fully integrated Oil and Gas Company of international scale which is engaged in the exploration and production of oil and gas, refining of crude oil, and marketing of petroleum products. The company’s profit for the quarter ended June 30, 2011 jumped at Rs 469.00 crore as compared to loss of Rs 70.00 crore for the corresponding quarter last year. Its total income grown by 42.26% at Rs 15,024 crore for the quarter under review from Rs 10,561 crore for the same quarter last year.

Peers
Company Name CMP
Reliance Industries 1365.10
Indian Oil Corp. 145.85
BPCL 312.05
HPCL 370.95
MRPL 183.20
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