The regional head office of oil refiner Bharat Petroleum Corp (BPCL) is in Kolkata. (file)
Bengaluru:
Oil marketing company Bharat Petroleum on Wednesday said it has approved raising up to 180 billion rupees ($2.19 billion) by issuing equity shares on a rights basis, underscoring India’s effort to achieve net zero-emission targets. Is.
The details of the issue including price, rights and timing will be informed separately after board approval, the exchange filing said.
The company said last week that the funding would be used to achieve “energy transformation, net zero and energy security objectives”.
The government is set to infuse multi-billion dollars of equity in its three big state refiners — Bharat Petroleum, Indian Oil Corp and Hindustan Petroleum Corp Ltd — in exchange for funding the companies’ energy transition projects.
The three refiners together aim to invest 3.5-4 trillion rupees by 2040 to achieve their net zero-emissions target, sources told Reuters last week.
Indian Oil, which is also planning to launch a rights issue, on Saturday approved doubling of its authorized share capital to Rs 300 billion.
According to a Reuters report, the oil ministry had also asked Hindustan Petroleum to make preferential share allocation to the government.
(Except for the headline, this story has not been edited by NDTV Staff and is published from a syndicated feed.)