.Oil as well as Natural Gas Organization (ONGC) has actually raised its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs). What Occurred: The statement was created through ONGC on Thursday night. The company’s panel had actually approved the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, investment funds, and also other holders.
The conversion of these CCDs in to equity portions caused the part of 61,070 lakh equity reveals to ONGC. The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore brought about the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. View Also: Tata Energy, Tata Motors To Set Up 200 EV Demanding Places In 5 Region Cities.
” Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL increased coming from 81.28% to 91.16% equity shares,” the firm mentioned in its main interaction. Final month, ONGC safeguarded approval coming from the Authorities of India to invest 18,365 crore right into OPaL. This accredited investment consisted of an extra equity funds infusion of around 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance payment of 86 crore pertaining to share warrants.
This financial investment was actually assumed to elevate OPaL to a subsidiary of ONGC, along with the last having a 95.69% capital risk. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All 50 Assets Approach Green. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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