IOC seeks shareholders nod for raising borrowing limit
State-run Indian Oil Corporation today said it will seek shareholders approval for increasing its borrowing limit to Rs 80,000 crore in order to meet working capital requirements of the company.
By PTI |
MUMBAI: State-run Indian Oil Corporation today said it will seek shareholders approval for increasing its borrowing limit to Rs 80,000 crore in order to meet working capital requirements of the company.
The company has informed the Bombay Stock Exchange that it had sought shareholders approval through a postal ballot for increasing the borrowing limit to Rs 80,000 crore for both domestic and foreign borrowings in order to meet its working capital requirement and capital expenditure.
The company has appointed B V Dholakia as scrutiniser for conducting the postal ballot process in a fair and transparent manner.
The forms are to reach the scrutiniser by June 17 and the results of the ballot would be declared by the company Chairman on June 30.
Shares of IOC closed at Rs 408.25, up 0.63 per cent on the BSE.
The company has informed the Bombay Stock Exchange that it had sought shareholders approval through a postal ballot for increasing the borrowing limit to Rs 80,000 crore for both domestic and foreign borrowings in order to meet its working capital requirement and capital expenditure.
The company has appointed B V Dholakia as scrutiniser for conducting the postal ballot process in a fair and transparent manner.
The forms are to reach the scrutiniser by June 17 and the results of the ballot would be declared by the company Chairman on June 30.
Shares of IOC closed at Rs 408.25, up 0.63 per cent on the BSE.
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