.Oil and Gas Enterprise (ONGC) has actually improved its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was actually created through ONGC on Thursday night. The firm's panel had accepted the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, mutual funds, as well as other holders. The sale of these CCDs into equity allotments led to the allocation of 61,070 lakh equity allotments to ONGC.
The conversion 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 boost in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh allotments, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity portions," the business specified in its own main interaction.
Final month, ONGC protected approval from the Government of India to put in 18,365 crore into OPaL. This allowed investment featured an additional equity resources infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore concerning share warrants. This assets was assumed to raise OPaL to a subsidiary of ONGC, along with the second having a 95.69% capital stake.
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