.Oil and Natural Gas Enterprise (ONGC) has improved its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was actually produced by ONGC on Thursday evening. The business's board had authorized the buy-back of CCDs provided through OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, mutual funds, as well as various other owners. The transformation of these CCDs into equity reveals led to the allocation 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 specifically) amounting to 6,107 crore brought about the increase in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Business in OPaL boosted coming from 81.28% to 91.16% equity reveals," the company explained in its own formal communication.
Last month, ONGC safeguarded commendation coming from the Authorities of India to invest 18,365 crore into OPaL. This accredited assets included an extra equity resources infusion of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance payment of 86 crore relating to discuss warrants. This financial investment was expected to raise OPaL to a subsidiary of ONGC, with the second having a 95.69% capital risk.
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