.Oil as well as Gas Organization (ONGC) has actually enhanced its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was produced through ONGC on Thursday evening. The provider's board had actually accepted the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from banks, banks, investment funds, and also other owners. The conversion of these CCDs right into equity shares resulted in the allocation 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 respectively) amounting to 6,107 crore triggered the rise in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Firm in OPaL enhanced coming from 81.28% to 91.16% equity allotments," the provider stated in its official communication.
Final month, ONGC secured commendation coming from the Federal government of India to put in 18,365 crore into OPaL. This sanctioned expenditure included an additional equity capital mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony remittance of 86 crore pertaining to share warrants. This assets was actually expected to boost OPaL to a subsidiary of ONGC, with the last possessing a 95.69% equity stake.
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