.Oil and also Gas Company (ONGC) has actually raised its shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The news was actually created by ONGC on Thursday evening. The firm's panel had accepted the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, stock funds, and also various other owners. The sale of these CCDs right into equity allotments resulted in the allotment of 61,070 lakh equity shares to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore brought about the rise in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Provider in OPaL boosted from 81.28% to 91.16% equity portions," the company mentioned in its own formal interaction.
Final month, ONGC protected approval from the Federal government of India to invest 18,365 crore in to OPaL. This accredited financial investment included an added equity funds mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore pertaining to discuss warrants. This assets was actually anticipated to boost OPaL to a subsidiary of ONGC, along with the second owning a 95.69% equity stake.
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