Indian Oil Corp is looking at selling oil bonds worth Rs 1,000-1,500 crore in the open market shortly to reduce its borrowings.
The company currently has Rs 31,000 crore worth of oil bonds, IOC Director (Finance) S V Narasimhan said today.
"In short term, we would like to sell bonds to reduce borrowings provided we get good returns," he said.
IOC would test the markets before hitting it. "We are not desperate to sell bonds," he said.
The Reserve Bank of India's special marketing operations (SMO), under which it bought bonds from oil companies, are currently closed and so the company is looking at open market for bond sales.
"We are requesting RBI to reopen SMO," he said.
