Earlier this month, BPCL had informed exchanges that its board of directors will consider the various modalities for capital infusion
The board of directors of the state-run Bharat Petroleum Corporation Ltd (BPCL) has approved a Rs 18,000 crore rights issue of shares to eligible shareholders.
- The money will be raised subject to acquiring all necessary statutory clearances, according to the company’s exchange filing on Wednesday.
- BPCL shares closed 2.11 percent higher on the NSE at Rs 365.85 a share on Wednesday, ahead of the company’s board meeting.
- On the BSE on Tuesday, BPCL shares closed 0.52 percent higher at Rs 360.20 a share.
BPCL told exchanges earlier this month that its board of directors will evaluate several modalities for capital infusion, including rights concerns for accomplishing energy transition, net zero, and energy security goals.
A rights issue is a method of generating capital that involves allowing existing shareholders to buy more new shares in the company.
The business stated in the filing that the detailed parameters of the rights issue, including but not limited to the issue price, right entitlement, record date, timing, and terms of payment, will be communicated separately after Board approval in due course.
BPCL to shut half of Mumbai refinery
According to a company official, Bharat Petroleum plans to shut down half of its crude processing capacity at its 240,000 bpd Mumbai refinery in western India for a month beginning September 21 for maintenance.
According to him, the refinery aims to shut down a 120,000 bpd crude unit, a fluid catalytic cracker (FCCU), a continuous catalytic reformer, and a catalytic cracker, among other units.
He also stated that the refiner intends to close a bitumen plant there for 15 days beginning in mid-August.
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