Indian Oil Corporation (IOC) has decided to invest Rs 1,000 crore for raising its stake in Chennai Petroleum Corporation (CPCL), which will use the money for expanding operations. The Board of CPCL decided to increase the authorised share capital of the company from Rs 400 crore (40 crore shares of Rs 10 each) to Rs 1,400 crore. The increased share capital would be by way of creation of 100 crore preference shares of Rs 10 each. The enhanced share capital of the company would thus comprise of 40 crore equity shares of Rs 10 each and 100 crore preference shares of Rs 10 each. The CPCL board decided to issue the 100 crore preference shares to its promoter, IOC.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
| 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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