.Oil as well as Gas Organization (ONGC) has enhanced its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The announcement was actually made by ONGC on Thursday evening. The provider's board had actually accepted the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, and also various other holders. The sale of these CCDs into equity allotments caused the slice of 61,070 lakh equity portions to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore caused the increase 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 improved coming from 81.28% to 91.16% equity portions," the company mentioned in its main communication.
Final month, ONGC gotten commendation from the Government of India to spend 18,365 crore into OPaL. This sanctioned financial investment featured an extra equity funds mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a harmony payment of 86 crore pertaining to share warrants. This investment was actually assumed to increase OPaL to a subsidiary of ONGC, with the latter having a 95.69% capital risk.
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