In a bid to strengthen its net worth, Chennai Petroleum Corporation (CPCL), a group company of Indian Oil Corporation (IOC), will raise around Rs 1,000 crore from its parent. This, in turn, is expected to help the company borrow more to complete its Rs 3,110 crore up-gradation project to improve profitability. The capital will also help the company to reduce working capital burden.
CPCL has approved the issue of 100 crore Non convertible Cumulative Redeemable Preference Shares of Rs 10 each, in more than one tranche, to IOCL.
The company posted a net profit of Rs 364.57 crore for the quarter ended March 31, 2015, as compared to the net profit of Rs 49.81 crore for the same period in the previous fiscal year. However, for the full year it incurred net loss of Rs 38.99 crore, net loss of Rs 303.85 crore in FY2014.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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