BPCL to raise funds for green energy

Bharat Petroleum said it approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares on a rights basis underscoring India’s push to achieve net zero-emissions goals.

The details of the issue, including the price, right entitlement and timing will be intimated separately after the board approval.

The Indian government is set to inject multi-billion-dollar equity in its three big state refiners – Bharat Petroleum, Indian Oil Corp and Hindustan Petroleum Corp Ltd – in return for funding towards the firms’ energy transition projects.

The three refiners together aim to invest 3.5-4 trillion rupees to achieve their net zero-emissions goals by 2040, sources told Reuters last week.

Indian Oil, which is also planning to launch a rights issue, on Saturday approved doubling its authorised share capital to 300 billion rupees.

The oil ministry had also asked Hindustan Petroleum to make a preferential share allotment to the government.