IOC Pulls Out Its Rs 22k-Cr Rights Issue

Mumbai: India’s largest oil marketing company (OMC), Indian Oil Corporation (IOC) on Monday announced the withdrawal of its proposed Rs 22,000 crore rights issue due to no funds being allocated for capital support to the companies in the Union Budget 2024. In July 2023, the board of directors of the IOC approved raising capital through the issuance of equity shares on a right basis.