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.
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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