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    HPCL-Mittal proposes to raise Rs 3.25 bn via zero coupon bonds

    By Religare

    HPCL-Mittal Energy has planned to raise about Rs 3.25 billion ($58.1 million) through three-year, zero-coupon bonds at a yield to maturity of 9.60 per cent.

    The bonds have a letter of comfort from the parent HPCL and are rated "AA-(ind)" by Fitch Ratings India.

    Moreover, Axis Bank will be the sole arranger to the deal, said the media reports.

    HPCL-Mittal Energy Ltd (HMEL) is a joint venture between state-run Hindustan Petroleum and Mittal Energy.

    Read more about: hpcl
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