.Oil as well as Gas Company (ONGC) has enhanced its shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was helped make through ONGC on Thursday night. The firm's board had actually approved the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches coming from financial institutions, financial institutions, stock funds, and also various other holders. The transformation of these CCDs into equity portions caused the slice of 61,070 lakh equity shares to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore caused the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Provider in OPaL enhanced coming from 81.28% to 91.16% equity shares," the provider mentioned in its own main interaction.
Last month, ONGC safeguarded approval from the Government of India to invest 18,365 crore right into OPaL. This approved financial investment featured an additional equity financing infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance remittance of 86 crore relating to share warrants. This assets was actually assumed to raise OPaL to a subsidiary of ONGC, with the last possessing a 95.69% equity risk.
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