.Oil and also Gas Organization (ONGC) has enhanced its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The news was actually made by ONGC on Thursday night. The business's board had actually authorized the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, mutual funds, as well as various other holders. The sale of these CCDs right into equity reveals caused the allocation of 61,070 lakh equity allotments to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore caused the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Firm in OPaL raised from 81.28% to 91.16% equity reveals," the provider explained in its own main communication.
Final month, ONGC secured approval coming from the Federal government of India to commit 18,365 crore right into OPaL. This approved financial investment featured an extra equity capital infusion of up to 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a harmony remittance of 86 crore referring to share warrants. This investment was assumed to lift OPaL to a subsidiary of ONGC, with the latter owning a 95.69% equity stake.
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