Indian Oil shares gain on company’s Rs 22,000 crore fundraising plan
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In addition, the company also said on July 7 it will form a 50:50 joint venture with Sun Mobility Singapore for a battery swapping business in India.
Indian Oil Corporation Limited (IOCL) shares surged on Monday after the company announced its plan to raise Rs 22,000 crore through a rights issue.
A rights share issue is an offering of rights given to a company’s existing shareholders, allowing them to purchase additional shares directly from the company at a discounted price, rather than buying them through the secondary market.
The shares were up 1.21 percent at Rs 100.40 at 9.19 am on the National Stock Exchange. IOCL shares have gained 27 percent since January 1.
In addition, the company also said on July 7 it will form a 50:50 joint venture with Sun Mobility Singapore for a battery swapping business in India. IOCL will invest Rs 1,800 crore till FY26-27 in Sun Mobility Singapore. IOCL’s board has also approved an investment of $78.31 million in IOCL Singapore, a wholly-owned subsidiary of IOCL, for acquisition of preference shares and warrants of Sun Mobility Singapore.
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The company on June 6 signed a term sheet to strengthen biofuels production in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel, Ethanol, Compressed Bio-Gas, Biodiesel and Bio-bitumen.
IOCL’s revenue increased 42 percent to Rs 8,45,954 crore year-on-year in FY23. Net profit grew 16 percent year-on-year to Rs 25,102 crore. EBITDA margins fell 445 basis points year-on-year in the same period.
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