Business

3 oil PSUs get special bonds

NEW DELHI: The Union Government on Monday announced the issue of ‘8.20 per cent Oil Marketing Companies Government of India Special Bonds, 2023’ for a nominal value of Rs. 22,000 crore at par to the three public sector oil marketing companies (OMCs). According to a Finance Ministry statement here, the special bonds are being issued to the three OMCs on November 10 “as compensation towards estimated under-recoveries on account of sale of sensitive petroleum products during the current financial year.” The largest share of the special bonds was issued to Indian Oil Corporation for Rs. 11,975.51 crore while Bharat Petroleum Corporation and Hindustan Petroleum Corporation received Rs. 4,693.73 crore and Rs. 5,330.76 crore, respectively. The the investment in the Special Bonds by banks and insurance companies would not be reckoned as an eligible investment in government securities for their statutory requirements.

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