.Oil and also Gas Enterprise (ONGC) has actually raised its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Debentures (CCDs).
What Occurred: The announcement was made by ONGC on Thursday night. The company's panel had actually approved the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches from financial institutions, banks, stock funds, and various other holders. The transformation of these CCDs into equity reveals led to the quantity of 61,070 lakh equity allotments to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore brought about the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Company in OPaL improved from 81.28% to 91.16% equity shares," the business stated in its formal interaction.
Final month, ONGC gotten approval from the Federal government of India to invest 18,365 crore in to OPaL. This sanctioned financial investment consisted of an extra equity funds infusion of up to 10,501 crore, sale of CCDs worth 7,778 crore, and also a harmony repayment of 86 crore relating to discuss warrants. This assets was expected to elevate OPaL to a subsidiary of ONGC, along with the latter having a 95.69% equity stake.
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