Indian Oil Corp to raise 5.9 bln rupees via bonds

Wed May 14, 2008 1:24pm IST

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MUMBAI (Reuters) - State-run Indian Oil Corporation Ltd will sell oil bonds on Wednesday to raise 5.9 billion rupees, two merchant bankers associated with the deal said on Wednesday.

The issue closes on Wednesday, and the settlement is on Friday, the bankers said.

The government issues oil bonds to compensate crude refiners for selling fuel at below-market prices.

Following are the terms and conditions of the issue:

Borrower Indian Oil Corporation

Type Special oil bonds

Maturity 2023

Coupon 8.01 percent payable semi-annually

Issue amount 5.9 billion rupees Continued...

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