 Mumbai:
Public sector refiner Indian Oil Corp has raised
$300 million (about Rs1,200 crore) through a bonds issue
in the US, its first private placement in overseas markets.
The
note purchase agreement for the issue was signed by
IOC director (finance) SV Narasimhan in New York on
May 31, a company press release said in New Delhi.
"The
bond was issued at a highly competitive fixed rate of
interest on an unsecured basis and had an average maturity
of approximately 10 years," it said, adding that
the proceeds would be used to fund capital expenditure
requirements for 2007-08.
Bank
of America Securities LLC, USA, and Citigroup Global
Capital Markets, USA, were the joint placement agents
for the bond issue.
IOC
launched its $200 million issue in April 2007 and increased
the
amount to $300 million after getting good response from
investors in the US.
"Thirteen
investors, representing a broad cross-section of both
US as well as international financial institutions,
participated in the issue," it said.
|
