BPCL board approves proposal to raise Rs 18,000 crore through rights issue

By India Today Business Desk: Oil marketing company Bharat Petroleum Corporation Limited (BPCL) received approval from its board to raise funds up to Rs 18,000 crore through a rights issue of shares to eligible shareholders.

In an exchange filing, the company said the fundraising will be subject to receiving all statutory approvals.

“In continuation to our letter dated 22.6.2023 and in terms of Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that the Board at the meeting held on 28.6.2023 has approved the proposal for raising capital upto an amount not exceeding Rs 18,000 crore (Rupees Eighteen Thousand crores only),” the company said in its filing.

“This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders of the Corporation as on the record date (to be notified subsequently), subject to all statutory approvals and in accordance with all applicable laws,” it added.

“The detailed terms of rights issue, including but not limited to the issue price, right entitlement, record date, timing, and terms of payment will be intimated separately after approval of the Board in due course,” the company said.

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