International Bond issue by IndianOil oversubscribed
IndianOil's cross-country network of crude Oil and product pipelines is spread over 10,000 Km. The Corporation handles the largest network of petrol and diesel stations in the country.
- (1888PressRelease) July 28, 2011 - Indian Oil Corporation Ltd. (IndianOil), has raised USD 500 million through international bonds. The deal was finalised through the book building route for which IndianOil received an overwhelming response from investors across the globe. The issue was oversubscribed by about four times and IndianOil received offers to the tune of about USD 2 Billion.
About 71% of investor contribution originated from Asia while offshore investors from Europe and the US contributed 25% and 4% respectively. These bonds will have a tenure of 10 years and be utilised for meeting part of IndianOil's capital expenditure requirements. The deal was concluded yesterday and was the second international bond issue of the Corporation under Regulation S format, the first having been concluded in January last year.
Speaking after the successful outcome of the bond placement, Mr. PK Goyal, Director (Finance), IndianOil said, "The exceptional response received by our debut US dollar bond issue is an eloquent testimony to the confidence that global investors have reposed in IndianOil, India's only corporate in the Top 100 of Fortune Global 500 listi
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