State-Run BPCL To Raise Up To Rs 18,000 Crore Via Rights Issue

State-run Bharat Petroleum Corporation (BPCL) on Wednesday, Jun 28, 2023, in an exchange filing announced that its board has approved the proposal for raising capital up to Rs 18,000 Crore through a rights issue of equity shares.

The company stated in a filing with the exchange on Wednesday that the raising of the money is contingent upon acquiring the necessary statutory clearances.

In an exchange filing, BPCL said, "In continuation to our letter dated 22.6.2023 and in terms of Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that the Board at the meeting held on 28.6.2023 has approved the proposal for raising capital upto an amount not exceeding Rs 18,000 crore (Rupees Eighteen Thousand crores only). This capital will be raised by way of issue of equity shares on rights issue basis to eligible equity shareholders of the Corporation as on the record date (to be notified subsequently), subject to all statutory approvals and in accordance with all applicable laws including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time."

Furthermore, "The detailed terms of rights issue including but not limited to the issue price, right entitlement, record date, timing, and terms of payment will be intimated separately after approval of the Board in due course."

The shares of BPCL last traded at Rs 365.20 apiece with an intraday high of Rs 366.75 apiece and an intraday low of Rs 358.20 apiece. It closed 1.39% high compared to its previous close of Rs 360.20 apiece.

It traded the 52 week high at Rs 380.35 apiece on Jun 15, 2023, while the 52 week low on Aug 20, 2022, at Rs 288.20 apiece.

The shares fallen 2% in 1 week. It gave 14.66% return in the past 1 year. It has fallen 7.14% in 3years and 0.29% in 5 years, respectively.