Key Points
The Indian government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) five years after it exited oil marketing company..
Indian Oil and BPCL have ready approved rights issues while HPCL has been advised to make a preferential share allotment to the government, Press Trust of India reported, citing sources..
Board of IOC has is month approved raising up to Rs 22,000 crore by inviting existing shareholders to purchase additional new shares in the company (this type of issue gives existing shareholders securities called rights) while BPCL board too has approved raising up to Rs 18,000 crore through a rights issue..
Recent announcements of plans to raise equity capital by Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Ltd (IOC) should strengthen their capex spending and the credibility of their emission-reduction plans, says Fitch Ratings...
And Fitch expects the Indian oil marketing companies marketing segment to turn profitable from the financial year ending March 2024 (FY24) as crude oil prices fall to its assumption of $78.8 per barrel, following large losses in FY23 due to high crude prices and unchanged retail fuel prices..
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