IOC to raise $500 million via syndicated loan by end-August

State refiner Indian Oil Corp or IOC will raise $500 million through a syndicated loan by the end of August, a senior company official said on Tuesday. The proceeds will be used for working capital requirements.

"As per Reserve Bank of India guidelines, we can raise $750 million for capital expenditure, and $1 billion for working capital requirements," P.K. Goyal, director finance, told reporters.

IOC, India's largest refiner and which accounts for nearly a third of the country's refining capacity, earlier raised $500 million in July by way of senior unsecured notes.

Earlier on Tuesday, IOC reported a net loss of Rs 3093 crore for the June quarter.

Copyright: Thomson Reuters 2013

State refiner Indian Oil Corp or IOC will raise $500 million through a syndicated loan by the end of August, a senior company official said on Tuesday. The proceeds will be used for working capital requirements.

"As per Reserve Bank of India guidelines, we can raise $750 million for capital expenditure, and $1 billion for working capital requirements," P.K. Goyal, director finance, told reporters.

IOC, India's largest refiner and which accounts for nearly a third of the country's refining capacity, earlier raised $500 million in July by way of senior unsecured notes.

Earlier on Tuesday, IOC reported a net loss of Rs 3093 crore for the June quarter.

Copyright: Thomson Reuters 2013