.Oil and also Natural Gas Organization (ONGC) has enhanced its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was actually made by ONGC on Thursday night. The firm's panel had authorized the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches from banks, banking companies, investment funds, as well as other holders. The conversion of these CCDs in to equity allotments led to the quantity of 61,070 lakh equity reveals to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore led to the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Company in OPaL boosted coming from 81.28% to 91.16% equity allotments," the business mentioned in its main communication.
Last month, ONGC safeguarded approval coming from the Government of India to invest 18,365 crore right into OPaL. This approved investment consisted of an extra equity funds infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance settlement of 86 crore concerning share warrants. This assets was expected to increase OPaL to a subsidiary of ONGC, with the second owning a 95.69% equity risk.
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