.Oil as well as Natural Gas Firm (ONGC) has boosted its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Bonds (CCDs).
What Took place: The news was actually made by ONGC on Thursday night. The provider's board had authorized the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, and also other holders. The transformation of these CCDs into equity portions caused the slice of 61,070 lakh equity reveals to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore brought about the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Company in OPaL boosted coming from 81.28% to 91.16% equity shares," the business said in its main interaction.
Last month, ONGC secured approval coming from the Federal government of India to spend 18,365 crore into OPaL. This approved expenditure featured an extra equity funding infusion of around 10,501 crore, conversion of CCDs worth 7,778 crore, as well as an equilibrium payment of 86 crore concerning share warrants. This assets was expected to lift OPaL to a subsidiary of ONGC, with the second possessing a 95.69% capital risk.
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