Indian Oil to raise up to $2.7 billion through rights issue of shares
Indian Oil Corp (IOC) would raise up to Rs 22,000 crore ($2.66 billion) through a rights issue of shares, the state-owned refiner said on Friday.
Last month, Reuters reported that the Indian government had kicked off its plan to fund energy transition projects of three big state refiners “IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)” in exchange for equity.
IOC, the country’s top refiner, has not specified which projects the newly raised funds would target. It said it would give further details on the rights issue, including the price and timing, after a board approval.
