After Bharat Petroleum Corporation Ltd ( BPCL), the board of directors of Indian Oil Corporation will meet on July 7 to consider raising of capital through right issue of equity shares. The fund raising is to meet the capital expenditure plan for its projects, subject to statutory approvals as may be required, the PSU oil major said in a disclosure to the exchanges.
Shares of IOC closed at ₹94.61, down 0.81 per cent, against the previous day’s close of ₹95.38.
Last week, the board of BPCL approved a proposal for raising capital up to an amount not exceeding ₹18,000 crore by way of rights issue.
“The detailed terms of rights issue including but not limited to the issue price, right entitlement, record date, timing, and terms of payment will be intimated separately after approval of the Board in due course,” it said.