INSUBCONTINENT EXCLUSIVE:
MUMBAI: Nayara Energy, formerly known as Essar Oil and now a unit of Rosneft, plans to raise about $500 million in overseas bonds to expand
The company is said to have appointed JP Morgan and Deutsche Bank as key bankers for the sale, three people familiar with the matter told
ET.
Nayara is seeking to sell fiveyear bonds with investment bankers waiting for an opportune time to hit the market, said one of the
Some more investment bankers are in the process of being appointed
Bonds may come up for subscription by October
Morgan and Deutsche Bank declined to comment on the matter, while an email sent to the company remained unanswered
Earlier in August, the company raised 2,400 crore by selling bonds in the domestic market
Axis Bank was the sole manager.
ICICI Prudential and Reliance MFs were the two large investors in those threeyear papers, which offered
9.5per cent, ET reported on August
8
Last year, Rosneft acquired 49.13per cent equity stake and Kesani Enterprises took the same 49.13per cent equity stake in the company, along
with the captive port and power assets from the Essar Group
