NEW DELHI: The government on Friday issued bonds worth Rs 11,256.92 crore to three state-run oil marketing companies to compensate them for under-recoveries due to rising global crude oil prices. The bonds will have a coupon rate of 7.95% and will mature in 2025, according to an official statement here.
The government of India special bonds worth Rs 6,362.25 crore were issued to Indian Oil Corporation, while Bharat Petroleum Corporation got security equivalent to Rs 2,539.13 crore and Hindustan Petroleum Corporation Rs 2,355.54 crore.
Investment in these bonds by banks and insurance companies will not be considered part of the mandatory requirement for them to park funds in government bonds. However, investments by provident funds, gratuity funds and superannuation funds will be treated as eligible investment under an administrative order of the finance ministry.
The government of India special bonds worth Rs 6,362.25 crore were issued to Indian Oil Corporation, while Bharat Petroleum Corporation got security equivalent to Rs 2,539.13 crore and Hindustan Petroleum Corporation Rs 2,355.54 crore.
Investment in these bonds by banks and insurance companies will not be considered part of the mandatory requirement for them to park funds in government bonds. However, investments by provident funds, gratuity funds and superannuation funds will be treated as eligible investment under an administrative order of the finance ministry.
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