.Oil and Natural Gas Firm (ONGC) has actually increased its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The announcement was created by ONGC on Thursday evening. The company's board had actually accepted the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, mutual funds, and other owners. The transformation of these CCDs in to equity portions resulted in the allotment of 61,070 lakh equity shares to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore brought about the boost in ONGC's concern 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 increased from 81.28% to 91.16% equity allotments," the firm stated in its official interaction.
Final month, ONGC protected commendation coming from the Authorities of India to put in 18,365 crore right into OPaL. This accredited expenditure included an additional equity resources infusion of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore pertaining to discuss warrants. This assets was assumed to elevate OPaL to a subsidiary of ONGC, along with the latter possessing a 95.69% equity concern.
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