Oil India Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Government of India, has announced the appointment of Rupam Barua as its new CFO.

What Happened: The announcement was made on Friday, June 28, 2024, by the company’s board of directors during a meeting. Barua, who is currently serving as the executive director of finance & accounts, will assume the role of CFO from July 1, 2024. Barua, a veteran in the oil and gas industry, has been with the company since October 1991.

He holds a Masters in Business Administration with a finance specialization and brings over 32 years of experience to the table. “Barua played a steering role in establishing the overseas project in Gabon. He gained extensive experience in the policy-making, regulatory functions and finance functions during his tenure in DGH,” the company added in the filing.

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In the same meeting, the board also announced the superannuation of Harish Madhav, director (Finance) & CFO, and Manas Kumar Sharma, Director of exploration & development). Both will cease to be directors on the board from July 1, 2024.

Shares of Oil India surged 5% to reach a new high of ₹743.30 on Friday. The rally comes ahead of the company’s bonus shares issuance in the ratio of 1:2, meaning one equity share for every two existing shares held. The board has set Tuesday, July 2, 2024, as the record date to determine shareholder eligibility for receiving the bonus shares.

Price Action: Oil India’s share price was up 2.29% to trade at ₹721.40 in the late hours of trading on Friday.

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