.Oil and Gas Company (ONGC) has actually enhanced its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was produced through ONGC on Thursday evening. The firm's board had actually authorized the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, investment funds, and also other owners. The conversion of these CCDs right into equity shares resulted in the allotment of 61,070 lakh equity reveals to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore led to 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 Company in OPaL improved from 81.28% to 91.16% equity portions," the business said in its formal communication.
Final month, ONGC safeguarded approval coming from the Authorities of India to invest 18,365 crore in to OPaL. This sanctioned expenditure consisted of an additional equity funds infusion of around 10,501 crore, transformation of CCDs worth 7,778 crore, and a harmony settlement of 86 crore concerning share warrants. This assets was actually assumed to increase OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% equity stake.
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