.Oil as well as Natural Gas Company (ONGC) has actually raised its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was actually made by ONGC on Thursday night. The provider's panel had permitted the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, as well as other holders. The transformation of these CCDs into equity reveals led to the part of 61,070 lakh equity reveals to ONGC.
The sale of 2 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 boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Provider in OPaL increased from 81.28% to 91.16% equity reveals," the firm stated in its own formal interaction.
Final month, ONGC gotten commendation from the Authorities of India to invest 18,365 crore right into OPaL. This approved financial investment featured an added equity capital infusion of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and also a harmony remittance of 86 crore referring to share warrants. This expenditure was actually anticipated to increase OPaL to a subsidiary of ONGC, with the last having a 95.69% capital concern.
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