BORL IPO Likely To Hit Mkt In July Quarter

Mumbai: The Bharat Oman Refineries Ltd''s (BORL) initial public offering is likely to hit the market in the second quarter of the coming fiscal. BORL will be mopping Rs 2,400 crore, 50 per cent of which will be raised via a pre-IPO placement. The company filed its DRHP with SEBI on March 28. The public subscription and the private placement are likely to constitute about 48 per cent of the BORL equity. Post the IPO, Oman Oil''s stake in the company is likely to decrease to 5 per cent. BORL is a 50:50 joint venture company of Bharat Petroleum Corporation Ltd and Oman Oil Company Ltd. The company is mopping funds for its Rs 10,400-crore six-million-tonne petroleum refinery at Bina in Madhya Pradesh. The refinery project has debt and equity in the ratio of 1.6:1 and the debt component of Rs 6,400 crore, has already been joined hands