.Oil and Gas Company (ONGC) has actually boosted its shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was made through ONGC on Thursday evening. The company's panel had approved the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, investment funds, and also other owners. The sale of these CCDs in to equity allotments led to the allotment of 61,070 lakh equity allotments to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore caused the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity reveals," the provider said in its formal communication.
Final month, ONGC gotten approval coming from the Federal government of India to commit 18,365 crore into OPaL. This sanctioned expenditure featured an added equity resources infusion of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance repayment of 86 crore pertaining to discuss warrants. This financial investment was actually anticipated to boost OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity stake.
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