.Oil and Natural Gas Corporation (ONGC) has actually increased its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was made by ONGC on Thursday evening. The business's panel had actually permitted the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, stock funds, as well as various other owners. The conversion of these CCDs into equity shares resulted in the part of 61,070 lakh equity reveals to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Business in OPaL increased from 81.28% to 91.16% equity reveals," the firm explained in its own official interaction.
Last month, ONGC secured commendation coming from the Government of India to put in 18,365 crore into OPaL. This approved financial investment consisted of an extra equity funding mixture of around 10,501 crore, transformation of CCDs worth 7,778 crore, as well as an equilibrium settlement of 86 crore pertaining to share warrants. This financial investment was expected to boost OPaL to a subsidiary of ONGC, along with the last having a 95.69% equity concern.
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