.Oil and Gas Firm (ONGC) has raised its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The statement was actually created through ONGC on Thursday night. The company's board had accepted the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, stock funds, and also various other owners. The conversion of these CCDs right into equity portions led to the quantity of 61,070 lakh equity shares to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore resulted in the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity reveals," the business mentioned in its official communication.
Last month, ONGC secured commendation coming from the Government of India to spend 18,365 crore into OPaL. This sanctioned investment consisted of an extra equity funds mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance repayment of 86 crore pertaining to discuss warrants. This financial investment was actually assumed to increase OPaL to a subsidiary of ONGC, with the last possessing a 95.69% equity risk.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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