.Oil as well as Gas Corporation (ONGC) has actually raised its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was actually made through ONGC on Thursday evening. The provider's panel had permitted the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, mutual funds, and also various other owners. The transformation of these CCDs in to equity portions led to the slice of 61,070 lakh equity reveals to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore resulted in the rise in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Firm in OPaL boosted from 81.28% to 91.16% equity shares," the company specified in its official communication.
Final month, ONGC secured commendation from the Authorities of India to invest 18,365 crore in to OPaL. This approved investment featured an additional equity funds infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore pertaining to share warrants. This expenditure was anticipated to boost OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% capital stake.
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