.Oil and also Natural Gas Enterprise (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 Occurred: The statement was actually produced by ONGC on Thursday evening. The business's panel had actually permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from banks, banks, mutual funds, as well as various other holders. The conversion of these CCDs in to equity portions led to the allocation of 61,070 lakh equity allotments to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore caused the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity allotments," the company said in its formal interaction.
Final month, ONGC safeguarded approval from the Government of India to put in 18,365 crore right into OPaL. This allowed assets included an added equity resources infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance repayment of 86 crore concerning share warrants. This investment was anticipated to elevate OPaL to a subsidiary of ONGC, along with the last having a 95.69% equity risk.
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