IOC raises $500 million through overseas bonds

State-owned Indian Oil Corporation (IOC) has raised $500 million through an overseas bonds issue to fund its capital needs. IOC finalized the issue through the book building route and IOC received an overwhelming response from investors across the globe for issue. The issue was oversubscribed by about four times and IOC received offers to the tune of about $2 billion.

IOC received about 71% of investor’s contribution from Asia while offshore investors from Europe and the US contributed 25% and 4% respectively. The bonds will have tenure of 10 years and be utilized for meeting part of IOC's capital expenditure requirements. The deal, which was concluded earlier this week, was the second international bond issue of the company, the first being in January last year.