.Oil and also Gas Firm (ONGC) has boosted its shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was helped make by ONGC on Thursday evening. The business's board had authorized the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, stock funds, as well as various other holders. The transformation of these CCDs into equity shares led to the allocation of 61,070 lakh equity reveals to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore triggered the boost in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Firm in OPaL improved from 81.28% to 91.16% equity shares," the company specified in its own formal interaction.
Last month, ONGC secured approval coming from the Federal government of India to invest 18,365 crore into OPaL. This accredited assets included an added equity financing mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance payment of 86 crore concerning discuss warrants. This financial investment was anticipated to elevate OPaL to a subsidiary of ONGC, with the last owning a 95.69% equity concern.
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