.Oil and Natural Gas Company (ONGC) has actually increased its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was actually produced by ONGC on Thursday evening. The firm's panel had permitted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, investment funds, as well as other holders. The transformation of these CCDs into equity portions caused the allocation of 61,070 lakh equity reveals to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore triggered the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh portions, the shareholding of the Business in OPaL improved from 81.28% to 91.16% equity reveals," the business mentioned in its main communication.
Last month, ONGC protected commendation coming from the Federal government of India to invest 18,365 crore right into OPaL. This allowed investment featured an additional equity resources infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a harmony settlement of 86 crore concerning share warrants. This expenditure was actually expected to lift OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital stake.
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