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
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