The IOC board will consider raising of capital through right issue of equity shares to meet the capital expenditure plan for its various projects. 
The IOC board will consider raising of capital through right issue of equity shares to meet the capital expenditure plan for its various projects. Indian Oil Corporation Ltd (IOC) on Tuesday said a meeting of its board members is scheduled on Friday, July 7, to consider raising of capital through right issue of equity shares to meet the capital expenditure plan for its various projects. The issue, if considered, will be subject to various statutory approvals as may be required, the largest state-owned oil refiner in the country said post market hours.
"As per SEBI (Prohibition of Insider Trading) Regulations 2015, the above, being Unpublished Price Sensitive Information requires closure of trading window for Insiders of the Company. However, it may be noted that the trading window for dealing in securities is already under closure from 15th July 2023 till 48 hours after the financial results for the quarter ended 30t June 2023 are filed with stock exchanges," IOC said in BSE filing.
As per a media report, the refiner had set a capital expenditure target of Rs 30,395 crore for FY24, which is 13.7 per cent lower than the amount spent in the previous year. Financing the expenditure will be done through a mix of internal accruals and borrowings, Moneycontrol reported adding that the expenditure would support IOC in implementing planned investments and projects to drive growth and meet its objective.
IOC is expected to report operationally strong June quarter results due to sharp recovery in marketing margins, which Prabhudas Lilladher expects at Rs 9 per litre (blended margins) against Rs 3 in the March quarter. It sees profit for June quarter at Rs 10,347.20 crore against a loss of Rs 1,992.50 crore in the year-ago quarter. Sales are seen falling 12.7 per cent YoY to Rs 1,95,814 crore from Rs 2,24,252 crore in the same quarter last year. Margin is seen at 9.1 per cent against 0.6 per cent YoY, Prabhudas Lilladher said in its results preview note.
Nirmal Bang Institutional Equities sees profit at Rs 13,556 crore for the June quarter.
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