.Oil and Natural Gas Firm (ONGC) has boosted its own shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs). What Occurred: The statement was actually made by ONGC on Thursday evening. The company’s board had actually accepted the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches coming from banks, banking companies, mutual funds, and also various other holders.
The conversion of these CCDs right into equity portions resulted in the allotment of 61,070 lakh equity allotments to ONGC. The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore triggered the increase in ONGC’s risk in OPaL from 81.28% to 91.16%. See Likewise: Tata Electrical Power, Tata Motors To Establish 200 EV Billing Places In 5 Region Cities.
” Upon issue of 61,070 lakh reveals, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity allotments,” the business mentioned in its main communication. Final month, ONGC secured commendation from the Federal government of India to commit 18,365 crore right into OPaL. This approved financial investment consisted of an added equity funds infusion of around 10,501 crore, transformation of CCDs worth 7,778 crore, and an equilibrium payment of 86 crore concerning share warrants.
This expenditure was assumed to lift OPaL to a subsidiary of ONGC, along with the last owning a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To New All-Time High, All Of fifty Shares Enclose Green. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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