Oil India, a leading state-owned company, recently informed the stock exchanges that it has received approval from its shareholders to raise up to a total of Rs.7,000 crore by way of issuing debentures and bonds on a private placement basis. The company also announced that the shareholders have approved the appointment of 4 independent directors in the firm. Thus, Ms. Asha Kaul, Mr. S. Manoharan, Mr. Priyank Sharma, and Ms. Amina R. Khan will be appointed at Oil India.
Oil India added that all items of business that were enlisted by them in notice of the 59th Annual General Meeting (AGM) that was held on 22 September 2018 were approved by the shareholders with the required majority. The company also said that a total of 1 special resolution and 9 ordinary resolutions were put before the Annual General Meeting.
Oil India Limited was incorporated in the year 1959 and became a state-owned company in 1981. The company is involved in the business of exploration, development, and production of natural gas and crude oil, production of LPG, and transportation of crude oil, among other things.
Sources: The Economic Times, The Times of India