Indian Oil Corporation Ltd's international bonds issue has been oversubscribed. In a statement here on Tuesday, the company said that it has raised $500 million through international bonds.

The deal was finalised through the book building route and the issue was oversubscribed by about four times. IOC received offers to the tune of about $2 billion, the company said.

These bonds will have a tenure of 10 years and be utilised for meeting part of IOC’s capital expenditure requirements. The deal was concluded on Monday and was the second international bond issue of the Corporation under Regulation S format, the first having been concluded in January last year.

About 71 per cent of investor contribution originated from Asia while offshore investors from Europe and the US contributed 25 per cent and 4 per cent, respectively.

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