ONGC & IOC Raised Rs 3140 Crore in Debt

State-owned Oil and Natural Gas Corp (ONGC) and Indian Oil Corp (IOC) have raised Rs 3,140 crore in debt to meet business expenses.

In separate regulatory filings, the two firms said they raised the debt through non-convertible debentures (NCDs).

IOC said it raised Rs 2,000 crore on a private placement basis. “The funds raised through this issue will be utilized for, inter alia, 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 issuer,” IOC said.

Separately, ONGC said it raised Rs 1,140 crore through a 3-year debenture issue on a private placement basis at an interest rate of 4.64 per cent per annum payable annually.