IOC to raise $500 mln via syndicated loan by end-Aug

NEW DELHI (Reuters) - State refiner Indian Oil Corp 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 30.93 billion rupees for the June quarter.

 

(Reporting by Nidhi Verma; Editing by Sunil Nair)