IOC to consider issuing extra shares to shareholders


Indian Oil Corp (IOC), country's biggest oil firm, will one week from now consider issuing extra shares to its shareholders to underwrite part of the stores. 

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The leading group of IOC will meet on August 29, "to consider issue of Bonus Shares," the organization said in an administrative documenting. 

IOC will be the second state-possessed oil organization after Hindustan Petroleum Corp Ltd (HPCL) to consider issuing extra shares taking after an administration mandate. 

HPCL board had a month ago endorsed issuing two extra shares of Rs 10 each for each current one. This promoted stores to the degree of Rs 677.25 crore. 

The legislature had kept in touch with all benefit making open area units to consider purchasing back shares or issuing extra shares to put their surplus money to utilize and giving their proprietor, the administration, more esteem. 

IOC is India's biggest business venture, with a business turnover of Rs 3,99,601 crore (USD 61 billion) and benefits of Rs 10,399 crore (USD 1.58 billion) for the year 2015-16. 

It is positioned 161st among the world's biggest corporates (and first among Indian organizations) in the prestigious Fortune 'Worldwide 500' posting for the year 2016. 

The legislature possesses 58.28 for every penny stake in IOC, which controls about portion of India's fuel market, 35 for each penny national oil refining limit and 71 for every penny of downstream division pipelines. 

IOC possesses and works 11 of India's 23 refineries with a consolidated refining limit of 80.7 million tons for each annum and also a pipeline system traversing around 11,750-km.

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