Oil India shareholders approve raising Rs 70 bn through bond issuance

Oil India has received shareholders' approval to raise up to Rs 70 billion through the issuance of bonds and debentures on private placement basis, the state-owned firm informed stock exchanges Sunday.

Company's shareholders have also approved the appointment of four independent directors.

"...all the items of business enlisted in notice of 59th AGM held on September 22, 2018 were approved by the shareholders with requiste majority," said the filing of Oil India.

There were nine ordinary resolutions and one special resolution were put before the AGM.

Sharholders have approved the special resolution "for raising funds up to Rs 70 billion through the issuance of bonds/debentures on private placement basis", the company said.

The company has received approval to appoint Asha Kaul, Priyank Sharma, S Manoharan, and Amina R Khan.

Payment of interim dividend and declaration of final dividend for the financial year 2017-18 on the equity shares of the company too has been approved.