Indian Oil Corporation Limited had announced on April 4, 2022 an invitation to eligible holders of its outstanding $900,000,000 4.75% Notes due 2024 to tender for purchase by the Issuer for cash at an aggregate principal amount of up to 300,000,000. The Tender Offer expired at 4:00 p.m. (London time) on April 12, 2022, and as of the said time of expiration, the issuer had received valid tenders in respect of the Notes with an aggregate principal amount outstanding of $313,042,000. The company decided to increase the maximum purchase amount from $300,000,000 to $313,042,000 in aggregate amount of the Notes, pursuant to the right of the Issuer, as provided in the tender offer memorandum dated April 4, 2022.

The company confirmed and announced that the settlement of the Tender Offer has been completed on 22% April 2022. The company has also authorised Citibank, N.A., London Branch, to take such steps as are required to cancel the purchased Notes on its behalf, such cancellation to take effect for value on April 22, 2022. Following the completion of the Tender Offer and the cancellation of the purchased Notes, the outstanding aggregate principal amount of the Notes will be $586,958,000.