Videocon secures fund commitment of $2.2 billion
The 12 participating banks are: IDBI Bank ($589 million), State Bank of India ($500 million), Export-Import Bank of India ($300 million), ICICI Bank ($225 million), Central Bank of India ($179 million), Union Bank of India ($150 million), Bank of Baroda ($53.5 million), Corporation Bank ($50 million), Punjab National Bank ($50 million), Syndicate Bank ($50 million), State Bank of Hyderabad ($40 million) and State Bank of Mysore ($9 million).
The SBLC facility is borrowed by Videocon Industries and wholly-owned subsidiary Videocon Oil Ventures, on an Ďobligor-co-obligorí structure, according to a source.
The offshore borrowing entity would be Cayman Islands-registered Videocon Hydrocarbon Holdings, an overseas subsidiary of Videocon. The SBLC facility was signed on September 27 and matures in 2026. Videocon is a diversified business with interests ranging from consumer electronics to oil and gas.
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