.Oil as well as Gas Corporation (ONGC) has actually enhanced its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The announcement was created through ONGC on Thursday night. The business's board had actually permitted the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches coming from banks, banking companies, mutual funds, as well as various other owners. The sale of these CCDs into equity reveals resulted in the quantity of 61,070 lakh equity allotments to ONGC.
The sale of pair of 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 concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity portions," the business specified in its own main interaction.
Last month, ONGC protected commendation from the Federal government of India to invest 18,365 crore into OPaL. This allowed investment consisted of an added equity funds mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, as well as an equilibrium repayment of 86 crore pertaining to discuss warrants. This investment was actually expected to raise OPaL to a subsidiary of ONGC, with the last possessing a 95.69% equity risk.
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