.Oil as well as Natural Gas Company (ONGC) has boosted its own shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was actually helped make by ONGC on Thursday night. The company's panel had actually authorized the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches from banks, banks, stock funds, and various other holders. The transformation of these CCDs in to equity portions led to the part of 61,070 lakh equity allotments to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore brought about the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Firm in OPaL enhanced coming from 81.28% to 91.16% equity reveals," the business stated in its own formal interaction.
Last month, ONGC secured commendation from the Government of India to put in 18,365 crore right into OPaL. This approved investment included an added equity funding mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a harmony repayment of 86 crore relating to discuss warrants. This assets was anticipated to lift OPaL to a subsidiary of ONGC, along with the second owning a 95.69% capital stake.
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