The Board of Indian Oil Corporation at its meeting held on 24 June 2020 has approved the proposal for seeking approval of the shareholders at the ensuing Annual General Meeting for increase in the borrowing limits from Rs.1,10,000 crore to Rs. 1,65,000 crore (including Public Deposits, Bonds / Debentures but excluding temporary loans obtained from the Company's Bankers in the ordinary course of business) and for creation of charge on the assets of the Company.