.Oil and also Natural Gas Company (ONGC) has raised its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was actually produced through ONGC on Thursday evening. The business's board had actually permitted the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches coming from financial institutions, financial institutions, mutual funds, and various other holders. The transformation of these CCDs right into equity portions resulted in the quantity of 61,070 lakh equity shares to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore brought about the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh reveals, the shareholding of the Firm in OPaL improved coming from 81.28% to 91.16% equity shares," the company specified in its own official communication.
Last month, ONGC gotten commendation coming from the Government of India to commit 18,365 crore right into OPaL. This approved investment featured an additional equity capital mixture of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium payment of 86 crore pertaining to share warrants. This assets was expected to boost OPaL to a subsidiary of ONGC, along with the latter having a 95.69% equity concern.
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