08
Jul
Indian Oil Corporation (IOC) will raise 22,000 crore rupees ($2.66 billion) through a share rights issue, the state-owned refiner said on Friday. Last month, Reuters reported that the Indian government had started planning to finance energy transfer projects at three major state refineries "IOC, Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) in exchange for equity." IOC, the country's apex regulator, did not specify which projects the newly raised funds would target. It said it would provide more details on rights, including pricing and timing, after board approval. Last week, BPCL said it would raise $2.19 billion…
