.Oil and Natural Gas Corporation (ONGC) has boosted its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was actually produced by ONGC on Thursday evening. The provider's panel had approved the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, stock funds, and also various other owners. The conversion of these CCDs in to equity allotments led to the quantity of 61,070 lakh equity reveals to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore caused the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Firm in OPaL boosted from 81.28% to 91.16% equity portions," the company stated in its main interaction.
Final month, ONGC safeguarded approval coming from the Government of India to put in 18,365 crore right into OPaL. This sanctioned assets featured an added equity funding infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony payment of 86 crore referring to share warrants. This expenditure was actually expected to elevate OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% equity stake.
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