MRPL to raise Rs. 5000 crore

MRPL to raise Rs. 5000 crore

Funds to be raised through issue of unsecured non-convertible debentures (NCDs)/ Bonds.

  • By ICN Bureau | September 20, 2020

Mangalore Refinery and Petrochemicals Limited (MRPL), a leading Indian refining company based in Mangalore, on Friday said it has received shareholders' nod to raise up to Rs 5,000 crore through debentures.

"We inform that the shareholders in the 324 Annual General Meeting held on September 18, 2020 approved to raise funds upto Rs 5,000 crore through issue of unsecured non-convertible debentures (NCDs)/ Bonds, through a special resolution," MRPL said in a regulatory filing.

MRPL recently announcced plans to install a second generation (2G) ethanol facility in the State of Karnataka, India. A by-product of the project will be a nutrient rich biochar. This will be used as a sustainable and low carbon source of fertilizer for the local community.

The company posted a loss of Rs 519.86 crore in the first quarter of 2020-21 as against a loss of Rs 500.12 crore in the corresponding period of 2019-20. Low crude throughput due to sluggish demand for petroleum products on account of Covid-19 pandemic was one of the key factors for swinging to loss in the first quarter.



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