Indian Oil withdraws Rs 22,000 crore rights issue as govt will not participate

IoC's filing to the stock exchanges stated that this was a continuation of their earlier intimation from July 7, 2023. In that earlier intimation, they had informed that the Board had granted approval for raising capital by issuing equity shares on a rights basis. The amount would not exceed Rs 22,000 crore, pending the receipt of necessary statutory approvals.