Indian Oil Corporation was in focus on Monday after the company withdrew its ₹22,000 crore rights issue.
“This is in continuation of our earlier intimation dated 07.07.2023 wherein it was informed that the Board has accorded approval for Raising of capital by way of issue of equity shares on Right basis upto an amount not exceeding Rs. 22,000 crore (Rupees Twenty Two Thousand crore only), subject to receipt of necessary statutory approvals.
In this regard, we would like to inform that the MoP&NG 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. 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,” informed the company in an exchange filing.
