.Oil and Natural Gas Corporation (ONGC) has actually enhanced its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was actually made by ONGC on Thursday evening. The company's panel had actually authorized the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, mutual funds, and various other holders. The sale of these CCDs in to equity allotments caused the slice of 61,070 lakh equity allotments to ONGC.
The conversion of pair of 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 risk 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 increased coming from 81.28% to 91.16% equity shares," the provider explained in its main interaction.
Final month, ONGC secured approval from the Federal government of India to spend 18,365 crore in to OPaL. This accredited investment included an extra equity capital infusion of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and a harmony remittance of 86 crore pertaining to discuss warrants. This assets was actually anticipated to raise OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital concern.
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