IOC to raise $500m via syndicated loan by end-Aug

State refiner Indian Oil Corp will raise USD 500 million through a syndicated loan by the end of August, a senior company official said on Tuesday. The proceeds will be used for working capital requirements.

Also read: Indian Oil's Q1 loss narrows to Rs 3,093.23 cr

"As per Reserve Bank of India guidelines, we can raise USD 750 million for capital expenditure, and USD 1 billion for working capital requirements," PK Goyal, director finance, told reporters.

IOC, India's largest refiner and which accounts for nearly a third of the country's refining capacity, earlier raised USD 500 million in July by way of senior unsecured notes.

Earlier on Tuesday, IOC reported a net loss of 30.93 billion rupees for the June quarter.