.Oil and Natural Gas Corporation (ONGC) has actually increased its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs).
What Occurred: The announcement was actually produced through ONGC on Thursday evening. The business's panel had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from banks, financial institutions, mutual funds, and various other owners. The sale of these CCDs into equity allotments resulted in the part of 61,070 lakh equity portions to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore resulted in the boost in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh reveals, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity allotments," the business specified in its formal communication.
Final month, ONGC secured commendation from the Federal government of India to commit 18,365 crore right into OPaL. This approved investment consisted of an added equity capital infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, and a balance settlement of 86 crore relating to share warrants. This expenditure was anticipated to boost OPaL to a subsidiary of ONGC, along with the second having a 95.69% capital stake.
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