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Time of India
a day ago
- Business
- Time of India
India's top LNG importer Petronet seeks $1.4 bn local loan
India's largest importer of natural gas Petronet LNG Ltd. is seeking a loan of at least 120 billion rupees ($1.4 billion) for a new petrochemical plant and an LNG terminal , according to people familiar with the matter. Local lenders including Axis Bank , State Bank of India and Union Bank of India are considering to join the facility, which is among the company's largest fundraising exercises, said the people, who asked not to be identified discussing private matters. The borrower is seeking bids from banks in groups or individually, they said, adding that SBI Capital Markets has been appointed as adviser for the deal. The facility for triple-A rated Petronet comes at a period of muted activity for India's loans space, where bank lending grew 9.5% as of June 27, the lowest growth rate since March 2022, according to the latest data from the Reserve Bank of India. If the financing goes through, it would be one of the biggest local currency loans for the country this year, according to Bloomberg-compiled data. Spokespeople for Axis Bank , Petronet, SBI, SBI Capital Markets and Union Bank of India didn't immediately reply to emails from Bloomberg News seeking comment. Proceeds from the loan will partially fund the construction of a new petrochemical complex in Dahej, located in the southwest coast of Gujarat in India, the people said, adding that it will help diversify the company's earnings beyond the LNG space. The project is estimated to cost 206.85 billion rupees, according to the company's website. The New Delhi-based firm is also setting up a separate five million tons land-based LNG import terminal at Gopalpur, located on the east coast in Odisha. The latest loan could carry a tenor of more than 10 years, the people said. The pricing could be lower than SBI's one-month marginal cost of funds based lending rate of 7.95% currently, a benchmark gauge of local currency borrowings, two of the people said.
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Business Standard
a day ago
- Business
- Business Standard
Petronet seeks $1.4 bn loan to fund petrochemical plant, LNG terminal
By Saikat Das and Rakesh Sharma India's largest importer of natural gas Petronet LNG Ltd. is seeking a loan of at least 120 billion rupees ($1.4 billion) for a new petrochemical plant and an LNG terminal, according to people familiar with the matter. Local lenders including Axis Bank, State Bank of India and Union Bank of India are considering to join the facility, which is among the company's largest fundraising exercises, said the people, who asked not to be identified discussing private matters. The borrower is seeking bids from banks in groups or individually, they said, adding that SBI Capital Markets has been appointed as adviser for the deal. The facility for triple-A rated Petronet comes at a period of muted activity for India's loans space, where bank lending grew 9.5per cent as of June 27, the lowest growth rate since March 2022, according to the latest data from the Reserve Bank of India. If the financing goes through, it would be one of the biggest local currency loans for the country this year, according to Bloomberg-compiled data. Spokespeople for Axis Bank, Petronet, SBI, SBI Capital Markets and Union Bank of India didn't immediately reply to emails from Bloomberg News seeking comment. Proceeds from the loan will partially fund the construction of a new petrochemical complex in Dahej, located in the southwest coast of Gujarat in India, the people said, adding that it will help diversify the company's earnings beyond the LNG space. The project is estimated to cost 206.85 billion rupees, according to the company's website. The New Delhi-based firm is also setting up a separate five million tons land-based LNG import terminal at Gopalpur, located on the east coast in Odisha. The latest loan could carry a tenor of more than 10 years, the people said. The pricing could be lower than SBI's one-month marginal cost of funds based lending rate of 7.95per cent currently, a benchmark gauge of local currency borrowings, two of the people said.
Time of India
a day ago
- Business
- Time of India
India's top LNG importer Petronet seeks $1.4 bn local loan
Petronet LNG is seeking a ₹120 billion ($1.4 billion) loan to fund a petrochemical plant in Dahej and an LNG terminal in Gopalpur. SBI Capital Markets is advising the deal, with Axis Bank, SBI, and Union Bank likely participants. If approved, it would be among India's biggest rupee loans this year, diversifying Petronet's earnings beyond LNG. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's largest importer of natural gas Petronet LNG Ltd. is seeking a loan of at least 120 billion rupees ($1.4 billion) for a new petrochemical plant and an LNG terminal , according to people familiar with the lenders including Axis Bank State Bank of India and Union Bank of India are considering to join the facility, which is among the company's largest fundraising exercises, said the people, who asked not to be identified discussing private matters. The borrower is seeking bids from banks in groups or individually, they said, adding that SBI Capital Markets has been appointed as adviser for the facility for triple-A rated Petronet comes at a period of muted activity for India's loans space, where bank lending grew 9.5% as of June 27, the lowest growth rate since March 2022, according to the latest data from the Reserve Bank of India. If the financing goes through, it would be one of the biggest local currency loans for the country this year, according to Bloomberg-compiled for Axis Bank , Petronet, SBI, SBI Capital Markets and Union Bank of India didn't immediately reply to emails from Bloomberg News seeking from the loan will partially fund the construction of a new petrochemical complex in Dahej, located in the southwest coast of Gujarat in India, the people said, adding that it will help diversify the company's earnings beyond the LNG space. The project is estimated to cost 206.85 billion rupees, according to the company's New Delhi-based firm is also setting up a separate five million tons land-based LNG import terminal at Gopalpur, located on the east coast in latest loan could carry a tenor of more than 10 years, the people said. The pricing could be lower than SBI's one-month marginal cost of funds based lending rate of 7.95% currently, a benchmark gauge of local currency borrowings, two of the people said.
Time of India
a day ago
- Business
- Time of India
Airport Firm GMR mulls rupee-bond sale of Rs 5,000 crore
GMR Airports Ltd . is considering a Rs 5,000 crore ($579 million) local-currency bond sale, according to people familiar with the matter, in what could be a record rupee issuance for India's second-largest private airport operator. The New Delhi-based company is considering to raise the funds through a note due in 18-months to three years and will use the proceeds to refinance existing debt, one of the people said, asking not to be identified as the details are private. The firm may aim to price the securities at about 10.5%, the person said. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Artificial Intelligence Healthcare Digital Marketing Operations Management Design Thinking Data Analytics Data Science Data Science Project Management Product Management Degree Technology Public Policy Cybersecurity MCA PGDM Finance MBA Others CXO Leadership Management others Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A genetic disorder that is damaging his organs. Help my son Donate For Health Donate Now A representative for GMR Airports didn't respond to an email seeking comments. Bonds Corner Powered By Airport Firm GMR mulls rupee-bond sale of Rs 5,000 crore GMR Airports Ltd. is considering a Rs 5,000 crore ($579 million) local-currency bond sale, according to people familiar with the matter, in what could be a record rupee issuance for India's second-largest private airport operator. Buyers flee Japanese bonds as political, fiscal risks rise India bonds little changed as traders await fresh cues India's corporate bond market booms: Record Rs 10 trillion raised in corporate bonds in 2025, says Rajkumar Subramanian of PL Wealth India bonds flat as traders look ahead to RBI policy; liquidity ebbs Browse all Bonds News with The Economic Times earlier reported the company is looking to raise 57 billion rupees. The company is planning to tap the market as a cumulative 100-basis-point reduction by the central bank this year brings down borrowing costs. The fundraising underscores growth prospects for India's aviation sector and comes at a time when GMR is looking to expand its footprint in the country. Live Events GMR, along with the country's largest airport operator Adani Airport Holdings Ltd., is expected to be among the top contenders as the government looks to privatize 11 airports. If the deal goes through, it will be GMR's largest-ever rupee offering, according to data compiled by Bloomberg. It has three local-currency bonds amounting to 50 billion rupees maturing next year. Care Ratings last month upgraded GMR Airports' loans and bonds to A from BBB+ and expects the firm's business to be supported by favorable outlook for the airport sector. GMR's unit Delhi International Airport Ltd. is also planning to issue 10 billion rupees worth of bonds, according to people familiar with the matter.
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Business Standard
a day ago
- Business
- Business Standard
Monarch Surveyors IPO Day 2 update: Subscription rises 30x, GMP at 68%
Monarch Surveyors IPO Day 2 subscription status: Engineering consultancy firm Monarch Surveyors' initial public offering (IPO) has received a solid response from investors so far. The BSE SME data shows that the public issue received bids for 81.7 million shares against 2.68 million shares on offer, resulting in an oversubscription of around 30.4 times by 12 PM on Wednesday, July 23. Among the individual categories, retail investors led the demand by subscribing to the portion reserved for them by 48.1 times. This was followed by non-institutional investors (NIIs), who bid for 27.6 times of the reserved quota, and the qualified institutional buyers (QIBs) portion was subscribed 2.23 times. Monarch Surveyors IPO grey market premium (GMP) According to sources tracking unofficial markets, the unlisted shares of Monarch Surveyors were trading at 420, commanding a grey market premium of ₹170 or 68 per cent against the upper end of the price band of ₹237 to ₹250. Monarch Surveyors IPO details The New Delhi-based company aims to raise ₹93.75 crore through its maiden public issue. The SME IPO comprises a fresh issue of 3.75 million equity shares, with no offer for sale (OFS) component. Monarch Surveyors IPO key dates Monarch Surveyors IPO will close for subscription on Thursday, July 24, 2025. The basis of the allotment of shares is expected to be finalised on Friday, July 25, 2025. Shares of Monarch Surveyors are scheduled to be listed on the BSE SME platform tentatively on Tuesday, July 29, 2025. Monarch Surveyors IPO price band, lot size The company has set the price band in the range of ₹237 to ₹250 per equity share. Retail investors can bid for a minimum of two lots consisting of 600 shares each, with an investment amount of ₹3,00,000. The minimum investment amount required for high net-worth individuals (HNIs) is ₹4,50,000 for three lots. Monarch Surveyors IPO registrar, lead manager Bigshare Services is the issue registrar. Beeline Capital Advisors is the book-running lead manager for the issue. Monarch Surveyors IPO objective According to the RHP, the company plans to use ₹32 crore from the net issue proceeds for purchasing machinery and ₹30 crore for working capital requirements of the company. The remaining funds will be used for general corporate purposes. About Monarch Surveyors Monarch Surveyors and Engineering Consultants provides comprehensive consultancy services under Concept to Commissioning of infrastructure projects, which includes survey, design and technical supervision for roads, railways, metros, town planning, geospatial, mapping, land acquisition, water, transmission lines, pipelines and other civil engineering sectors. The company has a diverse workforce specialising in Detailed Engineering, Project Management, Construction Supervision, Facilities Design, Land Surveying, Land Acquisition Services, Geospatial mapping, Geo-technical Investigation and Special Inspections.
