IOC to raise Rs 3000 crore via rupee denominated bond issue

Indian Oil Corporation plans to raise Rs 3,000 crore from the local bond market, which the state-owned refiner and fuel retailer is tapping after a gap of seven years. The proceeds are likely to be used for capital expenditure.

These bonds may offer rates in the range of 7.3-7.6% with a 10-year maturity, dealers told ET. The final pricing will be determined through an auction on the National Stock Exchange platform.

An IOCNSE -0.17 % official said the company launched the bond sale Tuesday.