Indian Oil Corporation Limited (IOC) has announced the withdrawal of its proposed ₹22,000 crore Rights Issue, following a decision by the Board of Directors in a meeting held on September 30, 2024. This move comes after the Ministry of Petroleum & Natural Gas (MoP&NG) informed the company that no funds had been allocated for capital support to Oil Marketing Companies (OMCs) in the 2024-25 Budget, against an earlier proposed allocation of ₹30,000 crore.
The Rights Issue was originally approved on July 7, 2023, and aimed at raising capital through equity shares. However, with the Government of India (the promoter) deciding not to participate, IOC’s Board has opted to withdraw the issuance plan.
