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Indian Oil on Monday took out a suggested civil liberties concern well worth Rs 22,000 crore, according to a regulative declaring.
“We would like to inform that the MoP&NG has conveyed that no funds have been allocated for capital support to Oil Marketing Companies (OMCs) in the Budget 2024-25, as against the earlier proposed allocation of Rs. 30,000 crore. Therefore, in view of the Govt. of India’s (Promoters) non-participation in the Right Issue, the Board at its meeting held on 30.09.2024 has decided to withdraw the proposed Right Issue of equity shares,” the business stated in the exchange declaring.
The Rights Issue was initially accepted on July 7, 2023, and focused on elevating funding with equity shares. However, with the Government of India (the marketer) choosing not to get involved, IOC’s Board has actually chosen to take out the issuance strategy.
