Indian Oil Corporation (IOC), the country’s largest oil company, on Thursday raised debt of Rs 1,500 crore through a bond issue at a lower coupon rate than government bonds, said a senior company official.
IOC has priced its five-year rupee bond at a coupon rate of 6.14% tighter than a similar maturing government bond that trades at an annualized yield of 6.29%.
“The issue has generated strong demand from investors and we have been able to secure a very attractive deal,” said CIO (Finance) Director Sandeep Gupta.
The IOC secured an offer worth Rs 5,403 crore in the range of 5% to 6.7% for its issuance.
Gupta said the money raised is for general corporate purposes.
The issuance marks the company’s return to the onshore bond market after a hiatus of more than a year.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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