State-owned Indian Oil Corporation (IOC) on Tuesday, July 4, said its board would consider raising capital through a rights issue of equity shares to meet the capital expenditure plan for its various projects.
"...it is hereby informed that a board meeting of the company is scheduled on Friday, July 7, 2023, to consider raising capital through the Right Issue of equity shares to meet the capital expenditure plan for its various projects, subject to various statutory approvals as may be required," IOC said in an exchange filing.
Last week, the board of Bharat Petroleum Corporation Ltd (BPCL) approved the proposal for raising up to Rs 18,000 crore. The capital will be raised by way of the issue of equity shares on a rights issue basis to eligible equity shareholders of the corporation as of the record date.
The capital infusion is for achieving energy transition, net zero, and energy security objectives, BPCL said.
In the fourth quarter of FY23, Indian Oil Corporation reported a 67 percent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins. Standalone net profit was at Rs 10,058.69 crore in January-March compared with Rs 6,021.88 crore, in the same period a year back.
IOC earned $19.52 on turning every barrel of crude oil into fuel in FY23 as against the $11.25 per barrel gross refining margin a year back. The core GRM after offsetting inventory loss/gain was $20.14 per barrel.
(Edited by : Shoma Bhattacharjee)
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