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IOC withdraws Rs 22,000 cr rights issue due to lack of government participation
The Business Guardian
|October 01, 2024
Indian Oil Corporation Limited (IOCL), has decided to withdraw its previously proposed rights issue of equity shares amounting to Rs 22,000 crore.
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According to an exchange filing, the decision was made during the company's Board meeting held on Monday, September 30th, following the government's decision not to allocate funds for capital support to oil marketing companies (OMCs) in the Union Budget for 2024-25.
This story is from the October 01, 2024 edition of The Business Guardian.
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