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Indian Oil Corporation raises Rs 1,290 crore in debt to refinance existing borrowings

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.

Indian Oil Corporation raises Rs 1,290 crore in debt to refinance existing borrowings

(Photo: AFP)

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.

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“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.

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