GAIL India raises Rs. 7.5 billion in largely oversubscribed bond offer

By Jennifer Chiou

New York, June 6 - GAIL (India) Ltd. announced that its offering of Rs. 5 billion of bonds with a Rs. 2.5 billion greenshoe was fully subscribed five times over.

The Rs. 7.5 billion issue was allotted at a cut-off rate of 9.14%, which the company noted in a press release is the "lowest rate achieved in recent times."

The bonds were issued in part to meet GAIL's capex plan for project expansion. They will be repaid in five to eight years.

The securities are callable after five years.

New Delhi-based GAIL is the largest gas transmission and marketing company in India.

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