Country’s major oil marketing company, Indian Oil Corporation Ltd, has raised Rs 1,290.20 crore in debt to refinance existing borrowings and meet business expenses, the company said on Monday.

In a stock exchange filing, IOC said “… it is hereby notified that the Company has issued 12902, 5.60% Unsecured, Listed, Rated, Taxable, Redeemable, Non- convertible Debentures (Series- XX) of Rs.10,00,000 each aggregating toRs. 1290.20 crore on Private Placement basis on 25th January 2021.”

In October 2020, IOC had stated that it plans to raise Rs 2,000 crore debt on a private placement basis.

“The funds raised through this issue will be utilised for, inter alia, refinancing of existing borrowing and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business of the issuer,” it said on Monday.

IOC shares ended in negative territory, dropping over 2 per cent at Rs 93.45 on the BSE. it had earlier hit day’s high of Rs 97.50.

Later this week, IOC is scheduled to announce its third-quarter earnings.