Indian Oil Corporation (IOC) will be raising Rs 1,000 crore through redeemable preference shares. The capital will be used to repay debts and finance future projects of Chennai Petroleum. IOC, the parent company of Chennai Petroleum has no plans to merge Chennai Petroleum with itself in the near future. Currently, IOC holds 51.89% in Chennai Petroleum, while the other promoter, Iran’s Naftiran Inter Trade Company, owns 15.40%.
IOC is India's flagship national oil company and handles refining, pipeline transportation and marketing of petroleum products, as well as production of downstream petrochemical products. The company employs about 34,000 people and accounts for approximately 31% of national refining capacity and 49% of its petroleum product market share.
Company Name | CMP |
---|---|
Reliance Industries | 2960.00 |
Indian Oil Corp. | 168.80 |
BPCL | 654.00 |
HPCL | 543.05 |
MRPL | 218.75 |
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