IOC to raise $250 million from overseas market

By agencies   |   Wednesday, 23 November 2005, 08:00 Hrs
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NEW DELHI: Indian Oil Corporation Ltd (IndianOil) said that it is all set to raise $250 million from the international market, with a green shoe option of $50 million, to part-fund its capital expenditure (capex) requirements.

Announcing this IOC’s Director (Finance), S V Narasimhan said, “The company has mandated six banks-BNP Paribas, Calyon Bank, Citigroup, ING Bank N V, Mizuho Corporate Bank Ltd and Sumitomo Mitsui Banking Corporation, to arrange the syndicated term loan facility. The term loan facility would be completed by mid-December.”

IndianOil had signed loan agreements in August for raising a foreign currency loan of $670 million, including $200 million for refinancing the syndicated term loan facility for oil imports. It had also raised $278.40 million in September and $227.27 million in May through the issue of secured redeemable non-convertible bonds in the domestic market. IndianOil hopes to increase revenues from $35 billion to $60 billion by 2011-12, says Narasimhan.

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