Key Points
Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) will launch rights issues and Hindustan Petroleum Corporation Ltd (HPCL) will make a preferential share allotment to the government this financial year, according to sources aware of the development...
ET had reported on May 2 that the government was weighing equity infusions resulting in possible stake increases in the three oil marketing companies - IOCL, BPCL and HPCL - after they submit their capital investment plans for FY24...
A rights issue allows companies to raise funds by inviting existing shareholders to buy additional shares..
"It has been decided that IOCL and BPCL will launch rights issues and HPCL will issue preferential shares to the government..
BPCL in a regulatory filing on Thursday said, "A meeting of the Board of Directors of Bharat Petroleum Corporation Limited will be held on Wednesday, 28th June 2023, to consider the various modalities for capital infusion including rights issue, for achieving energy transition, net zero and energy security objectives, subject to requisite approvals as required under applicable law.".
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