Indian Oil shares drop after co withdraws Rs 22,000 crore rights issue

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Shares of Indian Oil Corporation (IOC) dropped 1% to Rs 178 in Tuesday's trade after the company announced that it had withdrawn its Rs 22,000 crore rights issue because the government will not participate due to the lack of allocated funds for oil marketing companies (OMCs) in the Budget 2024-25.

“This is in continuation of our earlier intimation dated 07.07.2023 wherein it was informed that the Board has accorded approval for Raising of capital by way of issue of equity shares on Right basis up to an amount not exceeding Rs. 22,000 crore (Rupees Twenty Two Thousand crore only), subject to receipt of necessary statutory approvals,” said IoC’s filing to the stock exchanges.


“In this context, we wish to inform you that the Ministry of Petroleum and Natural Gas has stated that no funds have been allocated for capital support to Oil Marketing Companies (OMCs) in the Budget 2024-25, contrary to the previously proposed allocation of Rs 30,000 crore. As a result, due to the Government of India’s (the Promoters) non-participation in the Rights Issue, the Board decided to withdraw the proposed Rights Issue of equity shares during its meeting on 30.09.2024,” the filing continued.

For the quarter ending June 2024, IOC reported an 81% decrease in its standalone net profit, dropping to Rs 2,643 crore compared to Rs 13,750 crore in the same quarter last year.


Additionally, revenue from operations for the period fell 2% year-on-year (YoY) to Rs 2.15 lakh crore.
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