BPCL approves ₹18,000 cr rights issue for clean energy transition and capital raise

run by the state Bharat Petroleum Corporation (BPCL) said on Wednesday that its board of directors had approved a rights issue to raise up to ₹18,000 crore.

On June 22, the Chinese Communist Party said that the exercises are taking place to achieve the energy transition, net zero and energy security goals.

In a regulatory filing on BSE, BPCL said its board of directors has approved the proposal to increase capital to an amount not exceeding Rs 18,000 crore.

She added, “This capital will be raised by issuing equity shares on the basis of a rights issue to the eligible shareholders of the company as on the record date (they will be notified later), subject to all legal approvals.”

The Oil Marketing Company (SAE) said .

With a focus on sustainable solutions, the company is developing a vibrant ecosystem and roadmap to becoming a Net Zero Energy company by 2040, in scales of 1 and 2 emissions.

It has targeted to reach 1 GW of renewables by 2025 and 10 GW by 2040. Earlier this year, the company said it signed a Memorandum of Understanding (MoU) with the government of Rajasthan to create 1 GW of renewable energy (RE). ) a power station in the state.

The company recorded its highest ever market sales of 48.92 million tons in FY23 compared to 42.51 metric tons in FY22, a growth of 15.08 percent. It also achieved an average ethanol blending ratio of 10.59 percent from April to December 2022, with the highest blending ratio achieved in the fourth quarter of FY23 at 11.86 percent.