.Oil and also Natural Gas Organization (ONGC) has enhanced its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was made by ONGC on Thursday evening. The business's panel had approved the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches from banks, banking companies, stock funds, as well as other holders. The transformation of these CCDs into equity portions resulted in the quantity of 61,070 lakh equity shares to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore led to the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Provider in OPaL increased coming from 81.28% to 91.16% equity portions," the business mentioned in its formal interaction.
Final month, ONGC protected commendation coming from the Government of India to invest 18,365 crore into OPaL. This accredited expenditure consisted of an additional equity funds infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony settlement of 86 crore pertaining to share warrants. This investment was expected to increase OPaL to a subsidiary of ONGC, with the second having a 95.69% equity risk.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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