.Oil and also Gas Firm (ONGC) has enhanced its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was produced through ONGC on Thursday evening. The business's panel had actually approved the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banking companies, mutual funds, and also various other owners. The transformation of these CCDs in to equity allotments caused the part of 61,070 lakh equity reveals to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore triggered the increase in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Company in OPaL improved from 81.28% to 91.16% equity allotments," the company stated in its formal communication.
Last month, ONGC gotten commendation from the Government of India to spend 18,365 crore right into OPaL. This accredited financial investment included an added equity financing infusion of up to 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance remittance of 86 crore referring to share warrants. This investment was expected to raise OPaL to a subsidiary of ONGC, along with the last having a 95.69% capital stake.
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