.Oil and also Natural Gas Corporation (ONGC) has raised its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was actually produced through ONGC on Thursday evening. The firm's board had actually approved the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches from banks, banks, mutual funds, and also various other owners. The transformation of these CCDs into equity shares resulted in the part of 61,070 lakh equity reveals to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore led to the rise in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Business in OPaL raised coming from 81.28% to 91.16% equity reveals," the firm mentioned in its own official interaction.
Final month, ONGC safeguarded commendation coming from the Government of India to commit 18,365 crore in to OPaL. This sanctioned investment included an extra equity funds mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium payment of 86 crore referring to share warrants. This expenditure was anticipated to lift OPaL to a subsidiary of ONGC, with the last possessing a 95.69% capital concern.
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