Indian Oil Corporation trades in green on getting approval for formation of WOS-FC
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Indian Oil Corporation is currently trading at Rs. 66.40, up by 0.45 points or 0.68% from its previous closing of Rs. 65.95 on the BSE.
The scrip opened at Rs. 66.00 and has touched a high and low of Rs. 66.50 and Rs. 65.50 respectively. So far 410895 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 94.50 on 09-Nov-2021 and a 52 week low of Rs. 65.20 on 29-Sep-2022.
Last one week high and low of the scrip stood at Rs. 67.40 and Rs. 65.20 respectively. The current market cap of the company is Rs. 93482.60 crore.
The promoters holding in the company stood at 51.50%, while Institutions and Non-Institutions held 19.80% and 28.69% respectively.
Indian Oil Corporation’s (IOC) Board has accorded approval for formation of Wholly Owned Subsidiary (WOS) - Finance Company (FC) and opening of its office in International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City), Special Economic Zone (SEZ), Gandhinagar.
The WOS-FC at Gift City, Gandhinagar would facilitate the various business opportunities such as carry out finance activities as stipulated in regulation 5 of IFSCA Finance Company Regulations including activities like fund pooling of foreign companies and utilize the same for carrying out trade financing for IndianOil and group companies; carry out Global Treasury Operations and utilizing IFSC to raise capital and debt from overseas market by setting up Finance Company.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
