.Oil as well as Natural Gas Enterprise (ONGC) has actually raised its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was actually made through ONGC on Thursday evening. The company's panel had actually permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches coming from financial institutions, banks, stock funds, and also various other holders. The transformation of these CCDs in to equity shares led to the part of 61,070 lakh equity portions to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore led to the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Business in OPaL raised from 81.28% to 91.16% equity reveals," the company stated in its official communication.
Final month, ONGC secured approval from the Government of India to invest 18,365 crore right into OPaL. This sanctioned financial investment featured an added equity funding mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore concerning share warrants. This financial investment was actually anticipated to lift OPaL to a subsidiary of ONGC, along with the second possessing a 95.69% capital concern.
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