BackBPCL board to consider fundraising via rights issue
BPCL had informed exchanges that its board of directors will consider the various modalities for capital infusion including rights issues for achieving energy transition, net zero, and energy security objectives.
PremiumThe board of directors of state-run Bharat Petroleum Corporation Ltd (BPCL) will meet on Wednesday, June 28, to consider raising funds through a rights issue.
Earlier on June 22, BPCL had informed exchanges that its board of directors will consider the various modalities for capital infusion including rights issues for achieving energy transition, net zero, and energy security objectives.
“The Board of Directors of Bharat Petroleum Corporation Limited will be held on Wednesday, 28th June 2023,to consider the various modalities for capital infusion including rights issue, for achieving energy transition, net zero and energy security objectives, subject to requisite approvals as required under applicable law," BPCL said in its exchange filing.
A rights issue is a method of raising capital by inviting existing shareholders to purchase additional new shares in the company.
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The state-owned oil refiner posted a net profit of ₹6,780 crore in the quarter ended March 2023, registering an growth of 168% from ₹2,559 crore in the year-ago period, led by a recovery in fuel marketing margins.
The company's revenue from operations in Q4FY23 rose 8% to ₹1.33 lakh crore from ₹1.23 lakh crore, YoY.
BPCL had also declared a dividend of ₹4 per share for financial year 2023.
BPCL share price gained over 14% in the last one year period. On Tuesday, the shares of BPCL ended 0.52% higher at ₹360.20 apiece on the BSE.
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