IOC plans to raise Rs 20k cr via pvt placement bonds
The board of directors of state-run oil refiner Indian Oil Corporation (IOC) has approved a plan to raise Rs 20,000 crore in FY21 via private placement of bonds and debentures in one or more tranches.
The fund raising is part of the overall limit of Rs 165,000 crore approved by shareholders at its previous annual general meeting, the company said in a statement.
The funds will be used to meet the expansion projects that the company has undertaken. In September the company said it plans to invest Rs 17,825 crore in increasing the capacity of its Gujarat refinery as well as setting up a petrochemical plant at the unit for upscaling the petro chemical business to protect margins.
