State-run Indian Oil Corp (IOC) Thursday said it has raised Rs.1,700 crore from the domestic bond market to meet working capital requirements.
In a statement here, IOC said it has raised capital through a domestic bond issue at a new benchmark low interest rate of 8.14 per cent.
"IOC's issue of Secured Redeemable Non-Convertible Bonds opened for subscription on private placement basis Thursday and received an "overwhelming response from all segments of investors", the statement said.
"The issue, launched with an original size of Rs.500 crore, was over-subscribed by over six times with overall subscription aggregating to over Rs.3,000 crore."
The 'AAA'-rated bonds have a maturity of five years with put and call options at the end of 18 months and 36 months.