Mumbai : Nation’s largest oil explorer ONGC on Tuesday raised a whopping $2.214 billion – the largest bond sale from the country – through dual tranche money to fund its overseas arm OVL’s Mozambique asset purchase.

The issue involved USD 1.5 billion of dollar money and 525 million in euros (USD 714 million at current exchange rate), merchant bankers told PTI.

They said this is the largest dual currency RegS issuance from Asia, apart from being the first-ever euro issuance from a quasi-sovereign corporate. It is also the first dual currency RegS issuance from the country. The RegS issue (which is not sold to resident American investors) has three tenures — $750 million of 5-year money and the rest is of 10-year tenor, while the euro issue is a 7-year money, said the merchant bankers, which include RBS, Deutsche Bank, BNP Paribas, Standard Chartered and Citigroup.

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