Indian Oil Corp. has raised up to Rs 2,500 crore through issuance of non-convertible debentures, each valued at Rs 1 lakh, on Tuesday.
The oil and gas company has issued 2.50 lakh, 7.36% unsecured, listed, rated, taxable, redeemable and non-convertible debentures on a private placement basis, the company said in a regulatory filing.
The funds raised will be utilised for refinancing of existing borrowing and/or funding of capital expenditure of the company. The capex could include recoupment of expenditure already incurred or for other purposes in the course of business.
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The company will be announcing its first quarter results on July 30. Indian Oil had reported a 40% quarter-on-quarter decline in net profit for the fourth quarter of fiscal 2024. The company had reported a bottom line of Rs 4,838 crore, while revenue fell 1.41% to Rs 1.98 lakh crore. Ebitda declined 33% to Rs 10,435.2 crore and the Ebitda margin contracted to 5.27%.
On Tuesday, shares of Indian Oil closed 0.59% higher at Rs 170.70 apiece, as compared with a 0.11% advance in the NSE Nifty 50.
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