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Chennai Petroleum Corporation Ltd on Monday agreed to issue 100 crore preference shares to Indian Oil for a sum of ₹ 1,000 crore to its one of its promoters -- IndianOil Corporation.
In a BSE filing on Monday, CPCL said that its board had agreed to raise the authorised share capital of company by ₹ 1,000 crore, subject to shareholder approval. As per the decision the new share capital of the company will be ₹ 1,400 crore divided into 40 crore equity shares of ₹ 10 each and 100 crore preference shares will be created and issued to promoter IndianOil Corporation.
IndianOil currently holds 51.89 per cent in CPCL, while the other promoter, Iran’s Naftiran Inter Trade Company Ltd, owns 15.40 per cent. The preference allotment is being done only to IndianOil and not to the Iranian firm.
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