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NEW DELHI: IOC has raised Rs 1,000 crore through a bond issue in less than two working days.

The Rs 1,000-crore secured redeemable non-convertible bond issue opened for subscription on private placement basis on May 30 but was able to garner commitment of about Rs 2,400 crore from investors within two days of its opening, IOC said in a statement.

"The issue was well received by all the segments of institutional investors, particularly banks, mutual funds, insurance companies and others. Within two days of issue opening, IOC pre-closed the issue on May 31 at a cut-off coupon rate of 7.15 per cent, the lowest end of the book building range," the statement added.

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