State-run Bharat Petroleum Corporation (BPCL) on Wednesday said that its board has approved a rights issue for raising up to ₹18,000 crore.
On June 22, the CPSU said the exercise was being undertaken to achieve energy transition, net zero and energy security objectives.
In a regulatory filing on BSE, BPCL said that its board had approved the proposal for raising capital to an amount not exceeding ₹18,000 crore.
“This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders of the Corporation as on the record date (to be notified subsequently), subject to all statutory approvals,” it added.
The detailed terms of the rights issue, including but not limited to the issue price, right entitlement, record date, timing, and payment terms, will be intimated separately after approval of the Board in due course, the oil marketing company (OMC) said.
With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions.
It has targeted to reach 1 gigawatt (GW) of renewables by 2025 and 10 GW by 2040. Earlier this year, the company said it signed a memorandum of understanding (MoU) with the Rajasthan government to set up a 1 GW renewable energy (RE) power plant in the state.
The company recorded its highest-ever market sales of 48.92 million tonnes (MT) for FY23 against 42.51 MT in FY22, with a growth of 15.08 per cent. It also achieved an average ethanol blending percentage of 10.59 per cent from April to December 2022, with the highest blending being achieved in Q4 FY23 at 11.86 per cent.