.Oil and also Natural Gas Corporation (ONGC) has raised its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The announcement was helped make by ONGC on Thursday evening. The firm's board had authorized the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from banks, banks, investment funds, as well as other owners. The conversion of these CCDs in to equity portions caused the allotment of 61,070 lakh equity shares to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore brought about the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL boosted from 81.28% to 91.16% equity shares," the firm said in its own main interaction.
Last month, ONGC secured approval coming from the Government of India to commit 18,365 crore in to OPaL. This accredited financial investment featured an extra equity financing mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance repayment of 86 crore pertaining to share warrants. This assets was expected to increase OPaL to a subsidiary of ONGC, with the second owning a 95.69% equity stake.
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