.Oil as well as Gas Company (ONGC) has improved its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was actually helped make by ONGC on Thursday evening. The business's board had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, investment funds, and various other holders. The transformation of these CCDs in to equity shares resulted in the allocation of 61,070 lakh equity allotments to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore brought about the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh portions, the shareholding of the Business in OPaL enhanced coming from 81.28% to 91.16% equity reveals," the company specified in its formal interaction.
Last month, ONGC secured approval coming from the Federal government of India to spend 18,365 crore right into OPaL. This approved investment consisted of an added equity resources mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore referring to share warrants. This investment was expected to boost OPaL to a subsidiary of ONGC, with the last having a 95.69% equity concern.
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