.Oil as well as Gas Corporation (ONGC) has enhanced its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The announcement was actually helped make through ONGC on Thursday night. The business's board had approved the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches from banks, banking companies, mutual funds, and also various other holders. The conversion of these CCDs into equity allotments caused the allotment of 61,070 lakh equity portions to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore caused the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Provider in OPaL boosted coming from 81.28% to 91.16% equity reveals," the business mentioned in its formal communication.
Last month, ONGC safeguarded approval coming from the Federal government of India to commit 18,365 crore right into OPaL. This approved investment included an extra equity resources mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium remittance of 86 crore referring to discuss warrants. This expenditure was assumed to lift OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital stake.
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