.Oil as well as Gas Enterprise (ONGC) has actually boosted its shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was actually created through ONGC on Thursday evening. The firm's panel had approved the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from financial institutions, banks, mutual funds, and also other owners. The conversion of these CCDs right into equity shares led to the allotment of 61,070 lakh equity shares to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore caused the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh allotments, the shareholding of the Firm in OPaL enhanced from 81.28% to 91.16% equity shares," the company said in its official interaction.
Last month, ONGC gotten commendation from the Authorities of India to put in 18,365 crore into OPaL. This allowed expenditure included an added equity financing mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and a balance repayment of 86 crore pertaining to discuss warrants. This assets was expected to boost OPaL to a subsidiary of ONGC, with the last having a 95.69% capital risk.
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