.Oil and also Natural Gas Organization (ONGC) has actually raised its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was actually produced through ONGC on Thursday evening. The business's board had accepted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches from banks, banks, mutual funds, and also various other owners. The conversion of these CCDs into equity shares caused the allocation of 61,070 lakh equity allotments to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore led to 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 coming from 81.28% to 91.16% equity allotments," the firm specified in its own official interaction.
Final month, ONGC gotten approval from the Authorities of India to invest 18,365 crore into OPaL. This accredited investment included an additional equity funding infusion of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance remittance of 86 crore relating to discuss warrants. This assets was assumed to lift OPaL to a subsidiary of ONGC, with the latter owning a 95.69% equity concern.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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