.Oil as well as Natural Gas Firm (ONGC) has increased its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was actually created by ONGC on Thursday night. The provider's board had permitted the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches coming from financial institutions, financial institutions, stock funds, and also various other owners. The transformation of these CCDs into equity shares resulted in the part of 61,070 lakh equity shares to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore brought about the increase in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Provider in OPaL enhanced coming from 81.28% to 91.16% equity shares," the firm stated in its formal communication.
Last month, ONGC gotten commendation coming from the Government of India to invest 18,365 crore in to OPaL. This approved assets included an extra equity funds infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore concerning share warrants. This financial investment was actually anticipated to increase OPaL to a subsidiary of ONGC, with the second having a 95.69% equity risk.
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