Indian Oil Corporation (IOC) to raise $500 million from overseas markets.
According to a release issued by the company to the BSE today, IOC is in the process of issuing foreign currency bonds (FCCBs) in the international market to collect the required sum of money.
The tenor of the bonds is 5 years with the coupon rate of 4.75% per annum payable semi-annually. The bonds are to be listed on the Singapore Stock Exchange.
The stock is now trading at Rs 327, up 1% from its previous close.