Indian Oil Corp withdraws $2.6 bln rights issue
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 30 2024
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Source: Reuters
Indian Oil Corp Withdraws Rights Issue: Indian Oil Corp has withdrawn its proposed 220 billion rupee rights issue due to the federal government's non-participation and lack of allocated funds for capital support in the budget.
Government's Funding Plans Altered: The federal government had initially proposed 300 billion rupees for energy transition projects for major state refiners but later reduced this to 150 billion rupees, impacting IOC and other refiners' funding plans.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
