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