.Oil and Gas Corporation (ONGC) has actually boosted its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was created by ONGC on Thursday evening. The company's board had authorized the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, mutual funds, and various other holders. The transformation of these CCDs right into equity allotments led to the allotment of 61,070 lakh equity reveals to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore led to the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Company in OPaL enhanced coming from 81.28% to 91.16% equity portions," the company mentioned in its main communication.
Final month, ONGC gotten approval coming from the Authorities of India to invest 18,365 crore right into OPaL. This allowed assets consisted of an additional equity funding infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a harmony remittance of 86 crore relating to share warrants. This investment was anticipated to lift OPaL to a subsidiary of ONGC, along with the second having a 95.69% equity stake.
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