Oil India said on Wednesday the company will raise USD 1 1 billion by issuing USD 500 million fixed rate unsecured notes due 2019 and USD 500 million fixed rate unsecured notes due 2024.

The 2019 notes carry a coupon of 3.875% per annum payable semi-annually and are of 5 years tenor.

The 2024 notes carry a coupon of 5.375% per annum payable semi-annually and are of 10 years tenor.

The notes represent unsecured obligations of the company and will rank pari passu with all its other existing and future unsubordinated obligations.

Shares of the company gained Rs 5.15, or 1.07%, to trade at Rs 488. The total volume of shares traded was 852 at the BSE (9.37 a.m., Wednesday).