IOC raises $500 million via bonds issue

Indian Oil Corporation (IOC) today said that it is planning to issue foreign currency bonds in the international market to  raise $500 million.

The public sector oil marketing giant said it planned to utilise the proceeds to meet its capital requirements.

In a filing wiith the BSE, it said the bonds have a 5-year maturity years a the coupon rate of 4.75 per cent per annum payable six monthly and  will be listed on the Singapore Stock Exchange.

The bonds have received an investment grade rating as Baa3 by Moody`s and BBB by Fitch.

IOC's maiden US dollar denominated bonds issue, to fund its capex, had received an overwhelming response and the offer was subscribed 13 times.

At present, IOC has about Rs 47,000 crore of debt, including $3 billion of foreign-currency loans.