.Oil and Gas Organization (ONGC) has actually enhanced its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was actually produced by ONGC on Thursday night. The provider's board had actually approved the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches from banks, banking companies, investment funds, as well as various other holders. The sale 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 492 crore specifically) amounting to 6,107 crore brought about the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Provider in OPaL raised coming from 81.28% to 91.16% equity shares," the provider specified in its own official communication.
Last month, ONGC gotten approval coming from the Government of India to invest 18,365 crore into OPaL. This sanctioned investment featured an extra equity funds infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, as well as a harmony payment of 86 crore referring to share warrants. This investment was actually assumed to boost OPaL to a subsidiary of ONGC, along with the second owning a 95.69% equity stake.
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