.Oil and Natural Gas Enterprise (ONGC) has actually enhanced its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Occurred: The statement was made by ONGC on Thursday night. The firm's panel had actually authorized the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, and also other holders. The transformation of these CCDs in to equity shares caused the allocation of 61,070 lakh equity allotments to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) amounting to 6,107 crore led to the rise in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Provider in OPaL increased coming from 81.28% to 91.16% equity allotments," the business stated in its own official interaction.
Final month, ONGC secured approval coming from the Government of India to spend 18,365 crore right into OPaL. This allowed investment featured an additional equity financing mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a harmony remittance of 86 crore relating to share warrants. This financial investment was actually expected to boost OPaL to a subsidiary of ONGC, with the second owning a 95.69% capital stake.
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