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Our Bureau

New Delhi , Jan. 4

Indian Oil Corporation Ltd (IndianOil) has liquidated Rs 806-crore worth of oil bonds maturing in 2021 and 2023 in the secondary market trade. In a statement issued here on Thursday, the company said that the sale was concluded through book building route.

"The issue generated a very good response despite the constant strain on liquidity currently in the money markets. The yields and short-term interest rates have elevated post the announcement of CRR (cash reserve ratio) hike of 50 basis points by RBI," the statement said.

The arrangers to the issue were Darashaw, IDBI Capital, RR Financials, ICICI Securities Ltd and UTI Bank Ltd. The Government of India had issued oil bonds worth Rs 7,168 crore maturing after 15-17 years to IndianOil in the current financial year in lieu of the under-recoveries suffered by the oil companies on the sale of liquefied petroleum gas (LPG) and kerosene. IndianOil has liquidated oil bonds of about Rs 6,000 crore of varying maturities (including the current sale) in the secondary market during the current fiscal, the company said.

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