.Oil and Natural Gas Organization (ONGC) has raised its own shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs). What Occurred: The statement was actually created by ONGC on Thursday night. The company’s board had approved the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches coming from banks, banks, mutual funds, and various other holders.
The conversion of these CCDs into equity allotments resulted in the allocation of 61,070 lakh equity reveals to ONGC. The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore led to the boost in ONGC’s concern in OPaL coming from 81.28% to 91.16%. View Also: Tata Energy, Tata Motors To Establish 200 EV Billing Stations In 5 City Cities.
” Upon issue of 61,070 lakh allotments, the shareholding of the Company in OPaL improved coming from 81.28% to 91.16% equity shares,” the firm mentioned in its own main communication. Final month, ONGC protected approval coming from the Government of India to put in 18,365 crore into OPaL. This sanctioned expenditure included an added equity capital infusion of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and also a harmony remittance of 86 crore relating to discuss warrants.
This expenditure was actually anticipated to raise OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Fresh All-Time High, All Of 50 Assets Enclose Green. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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