.Oil and also Gas Company (ONGC) has boosted its shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Took place: The statement was actually created through ONGC on Thursday night. The company's panel had actually permitted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, stock funds, and also various other holders. The transformation of these CCDs right into equity allotments caused the slice of 61,070 lakh equity portions to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore triggered the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Company in OPaL boosted from 81.28% to 91.16% equity reveals," the provider said in its own main communication.
Final month, ONGC gotten approval coming from the Authorities of India to put in 18,365 crore in to OPaL. This sanctioned financial investment consisted of an extra equity funding infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium payment of 86 crore referring to share warrants. This financial investment was assumed to increase OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity stake.
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