.Oil and also Natural Gas Corporation (ONGC) has actually increased its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was actually created through ONGC on Thursday night. The company's board had actually approved the buy-back of CCDs released through OPaL worth 7,778 crore in three tranches from financial institutions, banks, investment funds, and also various other owners. The sale of these CCDs right into equity portions caused the allocation of 61,070 lakh equity portions to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore caused the rise in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL improved coming from 81.28% to 91.16% equity allotments," the business stated in its official communication.
Last month, ONGC protected commendation coming from the Federal government of India to put in 18,365 crore in to OPaL. This allowed financial investment consisted of an additional equity capital mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance repayment of 86 crore pertaining to share warrants. This expenditure was anticipated to lift OPaL to a subsidiary of ONGC, along with the second owning a 95.69% capital stake.
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