Indian Oil Corp To Issue $326 Million New Equity

The Indian Oil Corp, India's biggest oil refiner, said that it will complete the sale of seventy eight million new shares, or ten percent of the total outstanding, by March, an official said.

The company plans to sell 78 million new shares at about 200 rupees a share to raise 16 billion rupees ($326 million) to fund its expansion plans, said P. Sugavanam, executive director of finance at Indian Oil, in an interview.

“The market is good now, so we feel that we'll go ahead” with this share sale, Sugavanam said, after attending the Asia Oil & Gas Conference in Kuala Lumpur.

Indian Oil shares have risen by forty nine percent this year, partly because of its share sale plan and the government's decision to raise the gasoline and diesel prices, allowing refiners to sell at higher prices.

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