IOC raises Rs 1,290 cr in debt

Indian Oil Corporation Ltd (IOC), the nation's top oil firm, has raised Rs 1,290.20 crore in debt to refinance existing borrowings and meet business expenses.

In a stock exchange filing on Monday, IOC said it has issued ''5.60 per cent unsecured, listed, rated, taxable, redeemable, non-convertible debentures of Rs 10 lakh each aggregating to Rs 1,290.20 crore on private placement basis''.

IOC had in October last year stated that it plans to raise Rs 2,000 crore debt on a private placement basis.

''The funds raised through this issue will be utilised for, inter alia, refinancing of existing borrowing and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business,'' it said on Monday.

IOC shares were trading almost 2 per cent lower on the BSE at Rs 93.80.

The company is scheduled to announce its third-quarter earnings on Friday.