New Delhi, January 16th, 2010: IndianOil’s maiden USD 500 million, Five year bond received an overwhelming response from investors in the international market with an order book of USD 6.5 billion, representing an oversubscription of 13 times. This is perhaps the highest level of over subscription of any Asian USD dollar corporate bond in recent times. The bond, priced at 205 basis points over US Dollar mid-swaps will be used by IndianOil to fund capital expenditure for its vast portfolio of ongoing projects.

Speaking after the successful outcome of the bond placement, Mr. S. V. Narasimhan, Director(Finance), IndianOil said, “The exceptional response received by our debut US dollar bond issue is an eloquent testimony to the confidence that global investors have reposed in IndianOil and an acknowledgement of the strong fundamentals of the Indian economy. This transaction also broadens our international investor base substantially and enhances our financial flexibility for the future” he added.

Deutsche Bank, HSBC and Standard Chartered Bank acted as the joint lead managers and joint book runners in the Offering of the bond which was placed under “Regulation S” Format in the International Market on 14 January 2010.