(MC)
State-owned Indian Oil Corp (IOC) on January said it will raise USD 900 million through an overseas bonds issue to meet its working capital requirements. In a regulatory filing, IOC said it has launched an international bonds issue of USD 900 million, carrying a coupon of 4.75 percent. The Notes are expected to be settled by January 16, 2019. “The Notes carry a coupon of 4.75 percent per annum payable semi-annually. The Notes will mature in 2024 and all the principal and interest payments will be made in US Dollars,” it said.
IOC said the proceeds of the issue will be used to fund working capital requirements for the normal course of business. The bonds will be listed on the Singapore Exchange. Bookrunners for the issue are Citigroup, DBS Bank, SBICAP Securities, Standard Chartered Bank and Westpac Banking. IOC is buying back shares and is paying an interim dividend for the fiscal 2018-19, aggregating to Rs 11,000 crore.
