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Indian-Commodity  :  Equity & Shares  :  IOC strengthens on plan of raising Rs 12,000 crore to meet its capex needs

IOC strengthens on plan of raising Rs 12,000 crore to meet its capex needs (17-Aug-2016)

Indian Oil Corporation (IOC) is currently trading at Rs. 550.10, up by 5.00 points or 0.92% from its previous closing of Rs. 545.10 on the BSE.

The scrip opened at Rs. 538.00 and has touched a high and low of Rs. 552.70 and Rs. 538.00 respectively. So far 83830 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 593.25 on 08-Aug-2016 and a 52 week low of Rs. 345.05 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 571.00 and Rs. 531.90 respectively. The current market cap of the company is Rs. 133683.06 crore.

The promoters holding in the company stood at 58.28%, while institutions and non-institutions held 16.93% and 24.79% respectively.

In a bid to meet its capital expenditure (capex) needs, IOC is planning to raise Rs 12,000 crore from domestic as well as overseas market through private placement of bonds. In this regard, a resolution authorising the company board to raise the money will be put to vote at the company's annual general meeting in September in Mumbai.

The nation's biggest oil company had a debt of Rs 52,469 crore as on March 31, 2016. The company has about Rs 24,500 crore worth of ongoing projects, including the Rs 5,151-crore LNG import terminal at Ennore in Tamil Nadu, Rs 3,150-crore polypropylene plant at Paradip in Odisha and Rs 3,076-crore distillate yield improvement project at its Haldia refinery in West Bengal.

It is also laying two new pipelines and augmenting capacity of two others at a total cost of Rs 7,521 crore. A project to manufacture Euro-IV compliant petrol and diesel at its Gujarat refinery is also underway, which would cost Rs 931 crore.


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