Indian Oil Corporation Ltd. (IOCL) has informed the BSE that the Ministry of Petroleum and Natural Gas (MoP&NG) has conveyed that no funds have been allocated for capital support to Oil Marketing Companies (OMC’s) in the Budget 2024-25, as against the earlier proposed allocation of Rs. 30,000 crore.

Therefore, in view of the Govt. of India’s (Promoters) non-participation in the Right Issue, the Board at its meeting held on 30.09.2024 has decided to withdraw the proposed Right Issue of equity shares, IndianOil said in a communication to Exchange.

In July 203, IndianOil’s Board has accorded approval for Raising of capital by way of issue of equity shares on Right basis upto an amount not exceeding Rs. 22,000 crore, subject to receipt of necessary statutory approvals.