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IOC Board to consider raising up to Rs 20,000 crore

During the last hour of the day’s trade, share of the oil marketing major traded positively.

SNS | New Delhi |

The Board of India Oil Corporation (IOC) on Thursday announced that it will be holding a meeting on October 30 to consider the proposal to borrow up to Rs 20,000 crore during the ongoing financial year through private placement of bonds and debentures.

“The Board at its aforesaid meeting would consider the proposal for delegation of authority for borrowings including borrowings upto Rs.20,000 Crore during a financial year through private placement of bonds/ debentures in one or more tranches, from time to time, within the overall borrowing limit of Rs.1,65,000 crore approved by shareholders at the last Annual General Meeting,” it said in a BSE filing.

The borrowing would be carried out in one or more tranches, the company said in a regulatory filing on Thursday.

During the last hour of the day’s trade, share of the oil marketing major traded positively. At 3.15 the stock were trading at Rs 7j.60, up by Rs 1.54 or 2.04 per cent on the BSE.

Similarly on the NSE, it was up by Rs 1.65 or 2.17 per cent at Rs 77.65.