.Oil and Natural Gas Company (ONGC) has actually improved its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Bonds (CCDs).
What Took place: The news was actually created by ONGC on Thursday night. The company's panel had actually accepted the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, investment funds, and also other owners. The conversion of these CCDs right into equity reveals caused the slice of 61,070 lakh equity shares to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore resulted in the increase in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh portions, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity shares," the company said in its official interaction.
Final month, ONGC safeguarded approval from the Federal government of India to commit 18,365 crore in to OPaL. This sanctioned assets included an extra equity financing infusion of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a harmony remittance of 86 crore concerning discuss warrants. This expenditure was actually assumed to increase OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital concern.
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