.Oil and Gas Firm (ONGC) has enhanced its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was produced by ONGC on Thursday night. The business's board had accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, financial institutions, mutual funds, as well as various other holders. The conversion of these CCDs in to equity reveals led to the part of 61,070 lakh equity shares to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore triggered 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 portions, the shareholding of the Provider in OPaL enhanced from 81.28% to 91.16% equity allotments," the provider said in its own formal communication.
Final month, ONGC gotten approval coming from the Federal government of India to spend 18,365 crore in to OPaL. This sanctioned assets featured an additional equity resources mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also a harmony payment of 86 crore referring to discuss warrants. This assets was anticipated to lift OPaL to a subsidiary of ONGC, along with the last having a 95.69% equity concern.
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