Indian Oil Corp gains on issuing NCDs worth Rs 2,500 cr

Indian Oil Corporation rose 3.9% to Rs 76.25 after the PSU issued 25,000, 7.44% unsecured, listed, taxable, redeemable non-convertible debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 2,500 crore on private placement basis on 25 November 2022.

The state-run oil marketing on Friday said that the funds raised through this issue will be utilized for refinancing of existing borrowing and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business of the company.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 30 September 2022, the Government of India held 51.50% stake in the company.

On a standalone basis, Indian Oil Corporation (IOCL) reported a net loss of Rs 272.35 crore in Q2 FY23 as against a net profit of Rs 6,360.05 crore recorded in Q2 FY22. Revenue from operations (excluding excise duty) climbed 53.2% YoY to Rs 207,485.30 crore in Q2 FY23.

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