Indian Oil raises ₹1,290 cr in debt

New Delhi: Indian Oil Corporation Ltd (IOC), the nation’s top oil firm, has raised ₹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 ₹10 lakh each aggregating to ₹1,290.20 crore on private placement basis”.

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