Indian Oil Corporation raises Rs 1,700 crore via bonds
Indian Oil Corporation has raised Rs 1,700 crore from the domestic bond market to meet working capital requirements.
"IOC's issue of Secured Redeemable Non-Convertible Bonds opened for subscription on private placement basis Thursday and received an overwhelming response from all segments of investors", a statement from the company said.
The state-run company raised capital through a domestic bond issue at a new benchmark low interest rate of 8.14 per cent.
"The issue, launched with an original size of Rs 500 crore, was over-subscribed by over six times with overall subscription aggregating to over Rs 3,000 crore," the statement added.
The AAA-rated bonds have a maturity of five years with put and call options at the end of 18 months and 36 months.
Shares of Indian Oil Corporation on Friday were trading 2.28 per cent down at Rs 296 on the Bombay Stock Exchange in noon trade.