SALE OF EQUITY SHARES BY IOCL
LOK SABHA
Indian Oil Corporation Limited has requested
the Government to permit issue of fresh equity shares up to 10%
of the existing paid up capital of the company. Decision is yet
to be taken by the Government on this proposal. The issue of fresh
equity shares of 10% of the existing paid up capital of IOC, if
agreed to, would bring down the Government shareholding in IOC
to 74.57 per cent. IOC is required to make sizeable investments
during the Tenth Five Year Plan to finance new projects and for
modernisation schemes including product upgradation. For this,
fund is proposed to be raised through public issue of equity shares
which will also help in improving the debt-equity ratio of IOC.
The above information was given by Shri Santosh Kumar Gangwar,
Minister of State for Petroleum & Natural Gas in the Lok Sabha
in reply to a question.
