Indian Oil Corporation to raise Rs 22,000 crore through rights issue

PTI

Updated At : 12:15 PM Jul 08, 2023 IST

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New Delhi, July 7

Indian Oil Corporation (IOC), the nation’s top oil firm, plans to raise Rs 22,000 crore capital through a rights issue of equity shares as part of a government’s plan to infuse capital into three state-owned fuel retailers to fund their net zero carbon emission projects.

In a stock exchange filing, IOC said its Board has approved “raising of capital by way of issue of equity shares on rights basis up to an amount not exceeding Rs 22,000 crore, subject to receipt of necessary statutory approvals as may be required.”

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