Essar Oil to raise Rs 3,000 crore via equity route

India-based Essar Oil plans to raise Rs 3,000 crore in the next 12-15 months.

The firm will issue equity shares to raise this capital.

"With a view to boosting its networth and shoring up the liquidity, the company is proposing to request Essar Energy Plc, its parent company, to  onvert its FCCB (Foreign Currency Convertible Bonds) holding of Rs 1,396 crore in the company to equity immediately; and (will) raise fresh equity capital of approximately Rs 3,000 crore in the next 12-15 months," company CEO L K Gupta said.

Gupta, however, said the mode of fresh equity has not yet been decided.

 The firm also plans to attain 20 metric tonne per annum (MTPA) capacity in its Vadinar refinery by September 2012 of which 18 MTPA capacity will be completed by next month.