.Oil and also Natural Gas Company (ONGC) has actually boosted its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Bonds (CCDs).
What Occurred: The announcement was actually produced through ONGC on Thursday evening. The company's board had approved the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches coming from financial institutions, banking companies, mutual funds, as well as various other owners. The conversion of these CCDs in to equity allotments caused the allocation of 61,070 lakh equity allotments to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore brought about the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Firm in OPaL boosted coming from 81.28% to 91.16% equity allotments," the company stated in its own formal communication.
Last month, ONGC secured approval coming from the Federal government of India to invest 18,365 crore into OPaL. This accredited investment consisted of an added equity funding infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore pertaining to share warrants. This financial investment was anticipated to increase OPaL to a subsidiary of ONGC, along with the latter having a 95.69% capital risk.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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