Indian Oil Corporation (IOC), 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 said in press breifing. This coupon rate is lower than the prevailing annualised yield of benchmark Government Security (G-Sc) for similar maturity.
The prevailing annualised yield of 5-year G-Sc is at 7.16 per cent. The NCDs, which will be used for general corporate purposes, including capital expenditure, were rated AAA by Crisil and ICRA. "Pricing of the NCS was undertaken over online bidding platform of NSE Ltd with a base sizeof Rs 1,000 crore and green shoe of Rs 1,500 crore, aggregating to Rs 2,500 crore," he said.
The issue got an overwhelming response and was oversubscribed by more than 8 times of the base issue size.
Meanwhile, finance ministry said that India's external debt rose by 8.2 percent year-on-year to USD 620.7 billion as of March 2022, finance ministry said. While 53.2 percent of it was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2 percent, was the second largest, as per the status report on India's external debt released by the ministry.
India's external debt rose by 8.2-pc year-on-year
SBI cut FY23 growth projection to 6.8 pc from 7.5 pcGST collection for August reaches Rs 1,43,612 cr
