IOC looking to sell oil bonds worth Rs1,500 cr in open market

IOC looking to sell oil bonds worth Rs1,500 cr in open market
PTI
Comment E-mail Print Share
First Published: Wed, Mar 04 2009. 01 44 PM IST
Updated: Wed, Mar 04 2009. 01 44 PM IST
New Delhi: Indian Oil Corp is looking at selling oil bonds worth Rs1,000-1,500 crore in the open market shortly to reduce its borrowings.
The company currently has Rs31,000 crore worth of oil bonds, IOC director (finance) SV Narasimhan said onWednesday.
“In short term, we would like to sell bonds to reduce borrowings provided we get good returns,” he said.
IOC would test the markets before hitting it. “We are not desperate to sell bonds,” he said.
The Reserve Bank of India’s special marketing operations (SMO), under which it bought bonds from oil companies, are currently closed and so the company is looking at open market for bond sales.
“We are requesting RBI to reopen SMO,” he said.
Comment E-mail Print Share
First Published: Wed, Mar 04 2009. 01 44 PM IST