.Oil and Gas Organization (ONGC) has increased its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The news was actually helped make through ONGC on Thursday night. The provider's panel had permitted the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, stock funds, and other holders. The conversion of these CCDs in to equity allotments resulted in the allotment of 61,070 lakh equity shares to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore caused the increase in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Firm in OPaL boosted coming from 81.28% to 91.16% equity reveals," the company explained in its official communication.
Final month, ONGC safeguarded approval from the Federal government of India to commit 18,365 crore into OPaL. This sanctioned investment featured an additional equity resources mixture of as much as 10,501 crore, sale of CCDs worth 7,778 crore, as well as a harmony remittance of 86 crore pertaining to discuss warrants. This financial investment was actually expected to raise OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital risk.
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