.Oil as well as Gas Enterprise (ONGC) has raised its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was actually made through ONGC on Thursday evening. The provider's panel had accepted the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, mutual funds, as well as various other holders. The transformation of these CCDs right into equity shares caused the part of 61,070 lakh equity allotments to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore caused the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Firm in OPaL boosted from 81.28% to 91.16% equity shares," the business mentioned in its own main communication.
Final month, ONGC secured approval from the Federal government of India to put in 18,365 crore into OPaL. This sanctioned financial investment included an extra equity funding mixture of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance settlement of 86 crore referring to share warrants. This expenditure was expected to lift OPaL to a subsidiary of ONGC, with the second owning a 95.69% capital stake.
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