.Oil and also Natural Gas Company (ONGC) has increased its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was helped make through ONGC on Thursday night. The company's panel had approved the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, investment funds, and other holders. The conversion of these CCDs into equity allotments caused the allotment of 61,070 lakh equity allotments 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 allotments, the shareholding of the Business in OPaL enhanced coming from 81.28% to 91.16% equity shares," the company stated in its own formal communication.
Final month, ONGC secured commendation coming from the Authorities of India to commit 18,365 crore right into OPaL. This allowed financial investment featured an extra equity resources infusion of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance settlement of 86 crore referring to discuss warrants. This expenditure was actually assumed to increase OPaL to a subsidiary of ONGC, along with the latter having a 95.69% equity stake.
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Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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