Investors balk as ONGC chances loose covenants

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Investors balk as ONGC chances loose covenants

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Oil Rig in the channel island near Ventura California. | Georg Henrik Lehnerer/Georg Lehnerer - stock.adobe.com

Oil and Natural Gas Corp (ONGC), the largest crude oil and natural gas company in India, tussled with bond investors during marketing for its latest dollar deal this week. Investors pushed back against ONGC’s demanding terms and forced a last-minute flip-flop over a change of control clause. Morgan Davis reports.

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