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A bridge loan of USD 1.2 billion has been taken by ONGC Videsh Ltd from a group of foreign banks at a highly competitive rate of about 1.3 percent for funding its acquisition of 15 percent stake in Russia’s second biggest oil field of Vankor.
A nine month loan has been given to OVL (ONGC Videsh Ltd) which is the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) at an interest rate of Libor plus 83 basis points by banks that includes Citi, DBS, Mizuho, Standard Chartered and Sumitomo Mitsui Banking Corp.
The interest rate, at one-month average Libor rate, comes to about 1.3 percent.
