IndianOil may go for maiden oil bond OMO sale with RBI by Tue
New Delhi   07-Jun-2008
IndianOil is likely to go for its maiden transaction of oil bonds under open market operations (OMO) with the Reserve Bank of India early next week, a senior company official said on Friday. "The first transaction is likely Monday or Tuesday. For the first one or two transactions, the bond sale to RBI is likely to be on an outright basis," the official said. The central bank will pay IndianOil in dollars for the bonds, at the RBI reference exchange rate. RBI said it will conduct special OMO on a short-term basis to indirectly provide up to Rs 1,000 crore in a day to oil marketing firms.