Latest News | IOC Raises Rs 1,500 Cr Via Bonds at Interest Rate Lower Than Sovereign

New Delhi, Feb 17 (PTI) Indian Oil Corporation (IOC), the nation's largest oil firm, on Thursday raised Rs 1,500 crore debt through a bonds issue at a coupon rate lower than government bonds, a senior company official said.

IOC priced its five-year rupee bonds at a coupon rate of 6.14 per cent tighter than a similar maturing government bond that is trading at an annualised yield of 6.29 per cent.

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"The issue saw strong demand from investors and we were able to get a very attractive deal," IOC Director (Finance) Sandeep Gupta said.

IOC got bid worth Rs 5,403 crore in the range of 5 per cent to 6.7 per cent for its issuance.

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Gupta said the money raised is for general corporate purposes.

The issue marks return of the company to the onshore bond market after a gap of more than a year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)