.Oil and also Gas Firm (ONGC) has boosted its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was produced through ONGC on Thursday evening. The company's panel had approved the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches coming from banks, banking companies, investment funds, and other owners. The sale of these CCDs right into equity shares resulted in the slice of 61,070 lakh equity shares to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore led to the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh allotments, the shareholding of the Company in OPaL raised coming from 81.28% to 91.16% equity shares," the firm explained in its formal communication.
Final month, ONGC secured approval coming from the Government of India to commit 18,365 crore right into OPaL. This sanctioned financial investment consisted of an added equity capital mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, as well as an equilibrium settlement of 86 crore relating to discuss warrants. This investment was anticipated to raise OPaL to a subsidiary of ONGC, with the second having a 95.69% capital stake.
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