.Oil as well as Natural Gas Corporation (ONGC) has boosted its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was helped make through ONGC on Thursday evening. The provider's board had authorized the buy-back of CCDs released through OPaL worth 7,778 crore in three tranches from financial institutions, banks, stock funds, and also other holders. The transformation of these CCDs into equity shares resulted in the allocation of 61,070 lakh equity allotments to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Firm in OPaL boosted coming from 81.28% to 91.16% equity reveals," the business specified in its own main communication.
Last month, ONGC protected commendation from the Federal government of India to spend 18,365 crore in to OPaL. This approved assets featured an added equity capital mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore pertaining to share warrants. This financial investment was anticipated to increase OPaL to a subsidiary of ONGC, with the last having a 95.69% equity concern.
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