Oil India Initiates Rights Issue Payment, Shares Open Muted on NSE

28 Dec 2023 , 03:22 PM

Oil India shares had a subdued start on NSE on December 28, following the company’s payment of Rs 551 crore to Numaligarh Refinery for a rights issue. Oil India paid the second call of Rs 551 crore to Numaligarh Refinery at Rs 27.50 per equity share, as disclosed in an exchange filing.

Numaligarh Refinery allotted 20,03,44,555 partly paid-up equity shares to Oil India under the rights issue allotment. Oil India holds a 69.63 percent stake in Numaligarh Refinery.

In Q2FY24, Oil India reported a 70 percent YoY decline in consolidated net profit to Rs 640 crore. The net profit for the reporting quarter in the previous fiscal was Rs 2,116 crore.

Revenue from operations for the quarter ending September 2023 was Rs 8,816 crore, reflecting a 13 percent decline from Rs 10,121 crore in Q2FY23.

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