.Oil and Natural Gas Organization (ONGC) has actually increased its own shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Bonds (CCDs).
What Took place: The statement was actually created by ONGC on Thursday night. The company's board had actually approved the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches coming from financial institutions, banking companies, stock funds, as well as various other holders. The transformation of these CCDs right into equity reveals led to the slice of 61,070 lakh equity portions to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore caused the increase in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity portions," the firm said in its official interaction.
Last month, ONGC secured commendation coming from the Government of India to commit 18,365 crore into OPaL. This allowed investment featured an additional equity capital infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance settlement of 86 crore pertaining to discuss warrants. This expenditure was expected to elevate OPaL to a subsidiary of ONGC, along with the second having a 95.69% equity concern.
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