.Oil as well as Natural Gas Company (ONGC) has actually increased its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was created through ONGC on Thursday evening. The firm's board had actually authorized the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches coming from banks, banks, mutual funds, as well as various other owners. The sale of these CCDs right into equity allotments caused the allotment of 61,070 lakh equity reveals to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore brought about the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL boosted coming from 81.28% to 91.16% equity reveals," the company stated in its own main communication.
Final month, ONGC safeguarded commendation coming from the Government of India to put in 18,365 crore in to OPaL. This sanctioned assets featured an extra equity funding mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance settlement of 86 crore relating to share warrants. This investment was actually anticipated to raise OPaL to a subsidiary of ONGC, with the latter having a 95.69% capital concern.
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