OIL seeks shareholders' approval to raise 7,000 cr through bonds

State-run Oil India Ltd (OIL) will seek shareholders' approval to raise Rs 7,000 crore through bonds.

The company has proposed a special resolution at its annual general meeting on September 23, 2017, for raising up to Rs 7,000 crore, OIL said in a filing to the BSE.

OIL intends to raise the amount through issue of redeemable non-convertible debentures/bonds on private placement basis from domestic as well as international markets in one or more tranches, the filing said.

The proposal to confirm payment of interim dividend and to declare final dividend for 2016-17 on equity shares of the company is also listed on the agenda of the meeting.

The proposals for appointment of P Chandrasekaran as Director (Exploration & Development) and to adopt financial results for 2017 are also listed on the agenda of the AGM.