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Public sector Oil India has raised $500 million through an offshore issue of fixed rate notes through its Singapore registered subsidiary. In an official statement, the company said that Oil India International Pte Ltd, Singapore (OIIPL), a wholly-owned subsidiary of OIL, has issued $500-million fixed rate unsecured notes.
An official statement said, “The notes carry a coupon of 4 per cent per annum payable half yearly and are of tenor of 10 years.” The funds raised will be used for partial repayment of bridge loans raised by OIIPL for financing the recent acquisition of stakes in Russian Companies, namely LLC Taas Yuryakh and JSC Vankorneft.
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