 "IOC seeks shareholders' nod to fix borrowing limit at Rs 1.1 lakh cr")
New Delhi: Indian Oil Corp, the nation’s largest oil firm, has sought shareholders’ nod for fixing its borrowing limit at Rs 110,000 crore as well as for raising Rs 11,000 crore through a privately placed debenture issue in the current fiscal.
IOC’s current borrowing limit stands at Rs 110,000 crore and it is seeking shareholders’ nod to meet the new Companies Act requirement.
[caption id=“attachment_76290” align=“alignleft” width=“380”]  Reuters[/caption]
In the notice seeking shareholder nod through postal ballot, IOC said nod is being sought for “borrowing limits up to Rs 1,10,000 crore for both domestic and foreign borrowings as per the provisions of Section 180(1)(c) of the (Companies) Act in order to meet its working capital requirement and capital expenditure programme”.
Also, it plans “to raise funds by issue of bonds (in the nature of debentures) up to Rs 11,000 crore on private placement basis”.
IOC officials said the company’s current borrowing stands at about Rs 70,000 crore.
The company plans to raise Rs 11,000 crore through redeemable non-convertible bonds/debentures this fiscal to meet its capital needs.
PTI
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