IOC board to meet on July 7 for rights issue

After Bharat Petroleum Corporation Ltd (BPCL), the Board of Directors of Indian Oil Corporation will meet on July 7 to consider raising capital through the valid issue of equity shares. The oil major, PSU, said in a disclosure to the stock exchanges that the fundraising aims to meet the capital expenditure plan for its projects, subject to statutory approvals as applicable.

IOC shares closed at INR 94.61, down 0.81 percent, against the previous day’s close of INR 95.38.

Last week, the BPCL Board of Directors approved a proposal to raise the share capital to an amount not exceeding Rs 18,000 crore via a rights issue.

“The detailed terms of the rights issue, including but not limited to the issue price, entitlement of the right, registration date, timing, and payment terms will be determined separately after approval by the Board of Directors in a timely manner,” she said.