Credit rating agency, India Ratings & Research has assigned ‘AAA’ rating to Indian Oil Corporation’s (IOC) Rs 1,700 crore non-convertible debenture (NCD) programme (reduced from Rs 2,000 crore).
The debentures are listed, secured, redeemable and non-convertible in the nature. They have a tenor of five years with put and call option at the end of 18 months and 36 months. The proceeds have been used for long-term working capital purposes.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.