State-owned refiner Indian Oil Company has determined to withdraw the proposed rights challenge of fairness shares to boost upto ₹22,000 crore in direction of assembly capital expenditure plan for varied initiatives with no funds allotted in Union Price range 2024-25 for capital assist to grease advertising firms.
“We want to inform that the MoP&NG has conveyed that no funds have been allotted for capital assist to OMC’s within the Price range 2024-25 as in opposition to the sooner proposed allocation of ₹30,000 crore,” Indian Oil mentioned in a submitting.
In view of the federal government of India’s (promoters) non-participation within the rights challenge, the corporate’s board at its assembly on Monday determined to withdraw the proposed challenge.
Indian Oil had in July 2023, in a submitting, mentioned it’s thought-about elevating capital by rights challenge to satisfy the capital expenditure plan for its varied initiatives, topic to varied statutory approvals as could also be required. Consequently, the corporate’s Board had accorded approval for elevating capital by means of challenge of fairness shares on proper foundation upto an quantity not exceeding ₹22,000 crore topic to receipt of vital statutory approvals.
Printed – September 30, 2024 09:56 pm IST
