.Oil and also Natural Gas Organization (ONGC) has actually raised its own shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Bonds (CCDs).
What Took place: The news was helped make through ONGC on Thursday evening. The business's board had approved the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, as well as other holders. The sale of these CCDs right into equity allotments led to the part of 61,070 lakh equity shares to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore led to the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Provider in OPaL improved coming from 81.28% to 91.16% equity reveals," the firm explained in its official communication.
Last month, ONGC safeguarded approval from the Authorities of India to commit 18,365 crore into OPaL. This sanctioned investment featured an additional equity capital infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance settlement of 86 crore pertaining to share warrants. This financial investment was assumed to raise OPaL to a subsidiary of ONGC, along with the latter possessing a 95.69% equity concern.
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