IOC raises 2,500 cr in debt at interest lower than sovereign

Indian Oil Corporation NSE 0.21 % (IOC NSE 0.21 %), the nation’s top oil firm, raised Rs 2,500 crore in debt through non-convertible debentures (NCD) at an interest rate lower than government bonds, its director (finance) Sandeep Gupta said on Friday. “Today, Indian Oil fetched a competitive price of a 5-year unsecured NCD issue at an annual fixed coupon of 7.14 per cent,” he told PTI.