OIL plans to raise debts if fails to float IPO

Kolkata, Sep 19(UNI) State-owned Oil India Limited (OIL) plans to raise debts if market conditions are averse to floating IPO, according to Managing Director M S Pasrija.

Talking to reporters here, Mr Pasrija said the company hoped to come out with IPO offer soon for which it had received SEBI approval on September eleven.

In reply to a question whether the prevailing market conditions were suitable for floating the issue, he said "we are watching the market conditions very closely." Replying to another question as to what the company would do in case if failed to float the IPO and its effect on its capital expenditure, the MD said, "In that case, OIL would raise debt. We are a debt-free company." For the current financial year and the next, the company has earmarked an expenditure of Rs 4,575 crore for exploration and production (E&P), both domestic and overseas.

UNI KDG KK KLC1739