Indian Oil Corp, the nation’s biggest oil company, plans to raise Rs 12,000 crore through a bonds issue to meet its capital expenditure needs. The company plans to raise Rs 12,000 crore from domestic as well as overseas market through private placement of bonds.
“IOC has been raising money by issue of bonds in the nature of debentures from domestic as well as overseas markets from time to time to meet its capital expenditure a well as working capital requirement,” IOC said in a notice sent to shareholders. A resolution authorising the company board to raise the money will be put to vote at the company's annual general meeting in September in Mumbai.