Indian Oil Corp issues NCDs worth Rs 2,500 cr

The state-run oil marketing company issued 25,000, 7.79% unsecured, listed, rated, taxable, redeemable non-convertible debentures (NCDs) of Rs 10,00,000 each, aggregating to Rs 2,500 crore on private placement basis on 17 June 2022.

Indian Oil Corporation (IOCL) on Friday said that the funds raised through this issue will be utilized for refinancing of existing borrowing and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business of the issuer.

IOCL is a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources. It reaches precious petroleum fuels across the country through its network of over 56,000 plus customer touch-points. The marketing network is bolstered by 80.55 MMTPA of group refining capacity and more than 15,000 KM of cross country pipelines. As of 31 March 2022, the Government of India holds 51.50% stake in IOCL.

The company reported 31.4% fall in standalone net profit to Rs 6021.88 crore despite a 43.2% increase in net sales to Rs 1,77,287.31 crore in Q4 FY22 over Q4 FY21.

Shares of IOCL fell 3.65% to close at Rs 104.30 on Friday, 17 June 2022.

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