IndianOil liquidates Rs 806cr oil bonds

New Delhi, Jan 4 (UNI) State-owned IndianOil Corporation today announced it has liquidated Rs 806 crore worth of oil bonds maturing in 2021 and 2023 in the secondary market trade.

The issue, concluded through book building route, generated good response despite the constant strain on liquidity currently in the money markets, the company said in a statement.

The government has issued oil bonds worth Rs 7,168 crore maturity after 15-17 years to IndianOil in the current fiscal in lieu of the under-recoveries suffered by the oil companies on the sale of LPG and SKO.

The Fortune 500 company has liquidated oil bonds of about Rs 6,000 crore of varying maturities (including the current sale) in the secondary market during the current financial year.

The arrangers for the issue were Darashaw, IDBI Capital, RR Financials, ICICI Securities Ltd and UTI Bank Ltd.

UNI