.Oil and also Gas Company (ONGC) has boosted its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The statement was helped make by ONGC on Thursday evening. The company's panel had approved the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches from banks, banking companies, stock funds, and various other holders. The conversion of these CCDs right into equity shares led to the slice of 61,070 lakh equity portions to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) amounting to 6,107 crore caused the rise 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 Business in OPaL improved coming from 81.28% to 91.16% equity portions," the firm stated in its formal communication.
Final month, ONGC protected commendation from the Government of India to invest 18,365 crore into OPaL. This approved financial investment included an added equity resources infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore relating to share warrants. This investment was actually anticipated to increase OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity risk.
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