IOC raises Rs 1,500 cr via bonds at interest rate lower than sovereign

AgenciesUpdated: Thursday, February 17, 2022, 09:52 PM IST
article-image
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 annualized yield of 6.29 per cent. / Representative image |

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.

''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.

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.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai: Branch of tree falls on parked rickshaw, passengers escape with minor injuries

Mumbai: Branch of tree falls on parked rickshaw, passengers escape with minor injuries

Mumbai: Motorman's alertness averts major accident on Central Railway, here' how

Mumbai: Motorman's alertness averts major accident on Central Railway, here' how

Mumbai: Anti-Narcotics Cell seize 266 kg ganja; two held

Mumbai: Anti-Narcotics Cell seize 266 kg ganja; two held

Opposition gheraoes ruling BJP-JJP on drugs menace in Haryana, home minister Anil Vij strikes back

Opposition gheraoes ruling BJP-JJP on drugs menace in Haryana, home minister Anil Vij strikes back

Maharashtra: Delay in allocation of portfolios due to differences between Shinde camp, BJP

Maharashtra: Delay in allocation of portfolios due to differences between Shinde camp, BJP