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News // Oil and gas worldwide

Indian Oil Liquidated Oil Bonds

13 October 2006 , 14:01428
State-owned Indian Oil Corporation has successfully liquidated Rs.9.85 billion ($216 million) worth of oil bonds maturing in 2015 in the secondary market trade Thursday.

Done through the book-building route, the issue size was Rs.2.5 billion with a green shoe option and generated a very good response, the company said in a statement.

During the current fiscal, IndianOil has so far liquidated oil bonds worth Rs.50 billion of various maturities in the secondary market, including this sale.

The government had issued oil bonds worth Rs.65.71 billion to IndianOil in March 2006 in lieu of the under-recoveries suffered on the sale of LPG (cooking gas) for domestic use and kerosene for public distribution system.

With the liquidation of these bonds, Indian Oil has successfully disposed of the entire quantum of oil bonds, except oil bonds of about Rs.15 billion that are pledged with the Clearing Corporation of India Limited (CCIL) for raising short-term funds.

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