Said a joint press release issued by the four banks, "... have successfully arranged the syndication of a $350 million L/C facility for RPL. The syndication, which had a `green-shoe' option, has been oversubscribed by $75 million, and RPL having exercised the option, the facility now stands at $425 million".

The participating banks in the syndication of RPL's $425 million L/C facility were as follows: ANZ Grindlays Bank, ICICI Bank, Punjab National Bank, Dena Bank, State Bank of Patiala, State Bank of Hyderabad, and State Bank of Maharashtra.

HSBC is the sole L/C issuing, confirming and negotiating bank for the facility. The facility covers the the issue of L/Cs to facilitate imports of crude oil from international suppliers for RPL's Jamnagar refinery. The release mentioned that "in the newly dergulated scenario for the import of crude oil from international suppliers, RPL's annual import of crude oil will amount to approximately $5.5 billion at current prices".

The above transaction is the second one of its kind that RPL has concluded in the recent past. ABN Amro Bank had put through a $250 million L/C syndication deal for RPL about a month back.