.Oil and Gas Organization (ONGC) has boosted its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The announcement was produced by ONGC on Thursday night. The firm's board had authorized the buy-back of CCDs given out through OPaL worth 7,778 crore in 3 tranches coming from banks, banking companies, investment funds, and other owners. The transformation of these CCDs into equity shares caused the part of 61,070 lakh equity allotments to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore brought about the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Company in OPaL raised coming from 81.28% to 91.16% equity portions," the firm mentioned in its formal communication.
Last month, ONGC gotten commendation coming from the Government of India to spend 18,365 crore in to OPaL. This allowed financial investment included an added equity financing mixture of up to 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a balance remittance of 86 crore pertaining to discuss warrants. This investment was actually anticipated to elevate OPaL to a subsidiary of ONGC, along with the last owning a 95.69% equity risk.
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