The Hindu Business Line : IOC liquidates oil bonds worth Rs 835 cr

IOC today said that it has successfully liquidated 7.07 per cent oil bonds worth Rs 835 crore (including Rs 70 crore for IBP) maturing in March 2009 in the secondary trade market. According to a company statement, the secondary market liquidation of these bonds was concluded on Wednesday through the book-building route. The issue size was Rs 250 crore with a green shoe option.

Amid hardening interest rates, the issue generated a good response, the company said. The Government had issued the 7.07 per cent bonds to IOC in March 2006 in lieu of the under-recoveries suffered by oil marketing companies on the sale of LPG and kerosene. The company had earlier liquidated bonds worth Rs 860 crore in the three-year and nine-year categories in April 2006.

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