Indian Oil Corporation withdraws proposed ₹22,000-cr rights issue

Indian Oil Corporation (IOC) on Monday announced it is withdrawing its proposed rights issue of equity shares worth up to ₹22,000 crore. The move was due to Central government's "non-participation" in the rights issue, IOC said in an exchange filing. The Petroleum Ministry has said that no funds were allocated for oil marketing corporations (OMC) in Budget 2024-2025.