.Oil and Gas Enterprise (ONGC) has actually enhanced its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was made through ONGC on Thursday night. The company's panel had actually accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches coming from banks, banking companies, mutual funds, and also other holders. The conversion of these CCDs right into equity allotments resulted in the part of 61,070 lakh equity allotments to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore led to the boost in ONGC's risk in OPaL coming 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 business stated in its own main interaction.
Last month, ONGC gotten commendation coming from the Federal government of India to put in 18,365 crore into OPaL. This sanctioned investment consisted of an additional equity funds mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore referring to share warrants. This expenditure was assumed to elevate OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% capital stake.
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