.Oil as well as Natural Gas Enterprise (ONGC) has actually increased its own shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was helped make by ONGC on Thursday evening. The company's board had actually approved the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, investment funds, and other owners. The conversion of these CCDs into equity reveals caused the allotment of 61,070 lakh equity allotments to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore brought about the rise in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity shares," the firm explained in its official communication.
Final month, ONGC protected commendation coming from the Authorities of India to commit 18,365 crore in to OPaL. This sanctioned investment consisted of an additional equity capital mixture of as much as 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore pertaining to discuss warrants. This investment was actually assumed to lift OPaL to a subsidiary of ONGC, with the latter having a 95.69% capital stake.
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