New Delhi, Dec 15 (PTI) Hindustan Petroleum Corporation Ltd (HPCL) will raise Rs 10,000 crore in debt from domestic or overseas market to fund its oil refining and fuel marketing operations, the company said on Thursday.

The board of the company at its meeting on Thursday "approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes etc. up to Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval".

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In a stock exchange filing, HPCL said the borrowing was within the overall borrowing powers of the company.

Separately, the company raised Rs 750 crore through issue of debentures on private placement basis to refinance "existing borowing and/or funding of capial expenditure".

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The 10-year debenture will carry a coupon rate of 7.54 per cent per annum.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)