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New Delhi, Nov. 11

The Centre has issued oil bonds to the tune of Rs 22,000 crore to three public sector oil marketing companies as compensation towards estimated under-recoveries on account of sale of sensitive petroleum products during the current financial year. While Indian Oil Corporation has got oil bonds amounting to Rs 11,975 crore, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation have got bonds for Rs 4,694 crore and Rs 5,331 crore respectively. The bonds, which are transferable and eligible for repo transactions, carry a coupon rate of 8.20 per cent with maturity in 2023. The investment in the special bonds by the banks and insurance companies will not be reckoned as an eligible investment in government securities for their statutory requirements, an official release said. —

Our Bureau

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