Indian Oil Corporation (IOC), the nation’s top oil firm, plans to raise capital through 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 will meet on July 7 “to consider raising of capital through Right Issue of equity shares to meet the capital expenditure plan for its various projects, subject to various statutory approvals as may be required.”
The government, which is the majority owner of the company, is likely to subscribe to the rights issue and infuse equity in the company.
