.Oil and Natural Gas Firm (ONGC) has actually enhanced its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The news was actually created by ONGC on Thursday night. The business's board had actually approved the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches coming from financial institutions, banking companies, mutual funds, and also other holders. The conversion of these CCDs right into equity allotments resulted in the allocation 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 led to the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Company in OPaL enhanced coming from 81.28% to 91.16% equity portions," the provider said in its own official communication.
Last month, ONGC gotten commendation from the Federal government of India to put in 18,365 crore in to OPaL. This accredited financial investment consisted of an added equity capital mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, as well as a harmony settlement of 86 crore referring to discuss warrants. This investment was actually expected to raise OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% capital risk.
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