Bharat Petroluem raises $500 million to fund capital expenditure, stock jumps 3%

State-owned Bharat Petroleum Corp Ltd (BPCL) today said it has raised $500 million through fixed rate unsecured notes to fund its capital expenditure.

"BPCL has launched an issue of $500 million fixed rate unsecured notes due 2025, which were priced on April 29," the company said in BSE filing.

The 10-year notes will bear a fixed interest of 4% with interest payable semi-annually, the company added.

BPCL said that the notes will be listed on the Singapore Stock Exchange and the proceeds will be used for capital expenditures purposes.

Shares of BPCL were trading at Rs 776.90 apiece, up 2.81% on the BSE.