.Oil and Gas Organization (ONGC) has actually boosted its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was created through ONGC on Thursday evening. The business's board had accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, stock funds, and various other holders. The sale of these CCDs in to equity reveals caused the part of 61,070 lakh equity allotments to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore resulted in the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Provider in OPaL enhanced from 81.28% to 91.16% equity allotments," the firm mentioned in its own formal interaction.
Final month, ONGC secured commendation from the Government of India to invest 18,365 crore into OPaL. This allowed financial investment consisted of an additional equity resources infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance remittance of 86 crore relating to discuss warrants. This expenditure was actually assumed to lift OPaL to a subsidiary of ONGC, with the last having a 95.69% capital risk.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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