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Friday, Sep 29, 2006

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IOC liquidates Rs 1,450-cr bonds

Our Bureau

New Delhi, Sept. 28

Indian Oil Corporation Ltd (IndianOil) has liquidated Rs 1,450-crore worth of oil bonds of six years and nine years maturities in the secondary market trade. In a statement issued here, the company said that the liquidation of the bonds was concluded on Tuesday through the book-building route. The issue size was Rs 250 crore with a green shoe option and generated a good response, the company said. "This is for the first time that IndianOil has been able to liquidate such a huge quantum of bonds at one go," the company said.

The arrangers to the issue were A.K. Capital Services Ltd, Allianz Securities Ltd, Centrum Capital Ltd, ICICI Securities Ltd and UTI Bank Ltd. The Government of India had issued the bonds to IndianOil in March 2006 in lieu of the under-recoveries suffered by the company on the sale of liquefied petroleum gas (LPG) and kerosene. In April, IndianOil had liquidated Rs 860 crore worth of bonds in the three-year and nine-year category.

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