IOCL cancels ₹22,000 crore rights issue due to no budget allocation for oil marketing companies.

Indian Oil Corporation Limited (IOCL) has canceled its planned ₹22,000 crore rights issue following the Indian government's decision not to allocate any funds for oil marketing companies in the 2024-25 budget. The anticipated funding was expected to support capital expenditure and expansion projects. IOCL's Board made the decision in light of the financial challenges and is now reevaluating its capital-raising strategy.

September 30, 2024
21 Articles