Team Blitz India
NEW DELHI: The Board of Indian Oil Corporation (IOC) on July 7 approved raising of capital up to Rs 22,000 crore through a rights issue. “The company will raise capital by way of issue of equity shares on right basis up to an amount not exceeding Rs 22,000 crore, subject to receipt of necessary statutory approvals as may be required,” the company said in a filing.
The details of the rights issue, including the issue price, right entitlement, record date, issue open date, issue closure dates, terms of payment etc will be made public in due course.
Further, the Board has also approved the formation of a joint venture company for battery swapping business in India with 50:50 collaboration between Indian Oil and Sun Mobility Pte. Ltd. Singapore (SMS).
In the JV, Indian Oil’s equity investment will be of Rs 1,800 crore till financial year 2026-27. The Board has also accorded approval for investment of $78.31 million in IOCL Singapore Pte. Ltd., Singapore (a Wholly Owned Subsidiary of Indian Oil) for acquisition of preference shares and warrants of