The Indian Oil Corporation (IOC) declared that it would be having its meeting on 7 July. In this meeting authorities will consider the point of fund raising through rights issue of equity shares. This initiative is for the capital expenditure plan necessary for various projects of the IOC.
On the 4th of July in the Bombay Stock Exchange filing, the IOC mentioned the various statutory approval which might take place at the conference of July 7.
Last week, Bharat Petroleum Corporation Ltd approved a proposal for capital up to Rs. 18,000 crore through the same means.
Indian Oil Corporation earned $19.52 through the conversion of each barrel of crude oil into fuel. Its profit was Rs. 10,058.69 crore in January- March 2023, which is an increase as compared to the digits of the same period last year.
The detailed information regarding the rights issue will be disclosed after the approval in a meeting on July 7.
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