Indian Oil and BPCL pick rights issue, HPCL chooses preference share route to raise capital

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.