Indian Oil Withdraws Rs 22,000 Crore Rights Issue
The statement informs that the Ministry of Petroleum & Natural Gas has conveyed that no funds have been allocated for capital support to Oil Marketing Companies (OMC’s) in the Budget 2024-25, as against the earlier proposed allocation of Rs. 30,000 crore.
New Delhi: Indian Oil Board, the leading energy company of India in its recent BSE filling states that the company approves Raising of capital by way of issue of equity shares on Right basis upto an amount not exceeding Rs. 22,000 crore. Initially the company approved raising capital right issues, dated 07.07.2023.
The statement informs that the Ministry of Petroleum & Natural Gas has conveyed that no funds have been allocated for capital support to Oil Marketing Companies (OMC’s) in the Budget 2024-25, as against the earlier proposed allocation of Rs. 30,000 crore.
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Therefore, in view of the Govt. of India’s (Promoters) non-participation in the Right Issue, the Board at its meeting held on 30.09.2024 has decided to withdraw the proposed Right Issue of equity shares.
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