.Oil and also Gas Company (ONGC) has increased its own shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was actually produced by ONGC on Thursday evening. The company's board had accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from financial institutions, banks, investment funds, and also other owners. The sale of these CCDs right into equity reveals caused the allotment of 61,070 lakh equity shares to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore caused the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Firm in OPaL enhanced coming from 81.28% to 91.16% equity reveals," the firm stated in its own formal interaction.
Last month, ONGC gotten approval from the Federal government of India to spend 18,365 crore right into OPaL. This sanctioned expenditure included an added equity resources infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance remittance of 86 crore concerning discuss warrants. This investment was assumed to boost OPaL to a subsidiary of ONGC, with the second having a 95.69% equity stake.
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