The company will utilize these funds for refinancing of existing borrowing and/or funding of capital expenditure, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 March 2024, the Government of India held 51.50% stake in the company.
The company reported a 51.90% decline in standalone net profit to Rs 4,837.69 crore on 2.47% fall in revenue from operations (excluding excise duty) to Rs 1,97,978.23 crore in Q4 FY24 over Q4 FY23.
The scrip advanced 0.65% to end at Rs 170.70 on Tuesday, 16 July 2024. The market is closed today on account of Moharram.