.Oil and also Gas Organization (ONGC) has actually enhanced its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Took place: The news was produced through ONGC on Thursday evening. The company's panel had actually approved the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches coming from banks, banking companies, stock funds, and also various other holders. The conversion of these CCDs in to equity allotments resulted in the quantity of 61,070 lakh equity shares to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore resulted in the boost in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity reveals," the business mentioned in its own formal communication.
Last month, ONGC protected commendation from the Authorities of India to commit 18,365 crore into OPaL. This allowed expenditure included an extra equity funding infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance remittance of 86 crore pertaining to share warrants. This financial investment was actually expected to raise OPaL to a subsidiary of ONGC, along with the second owning a 95.69% capital stake.
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