.Oil and Gas Firm (ONGC) has actually increased its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Took place: The news was made through ONGC on Thursday night. The firm's board had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches coming from banks, banking companies, stock funds, and other owners. The sale of these CCDs right into equity reveals led to the part of 61,070 lakh equity portions to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore caused the boost in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh reveals, the shareholding of the Provider in OPaL enhanced coming from 81.28% to 91.16% equity portions," the company said in its own official interaction.
Last month, ONGC safeguarded approval coming from the Federal government of India to put in 18,365 crore right into OPaL. This accredited investment featured an additional equity financing infusion of up to 10,501 crore, sale of CCDs worth 7,778 crore, and a balance remittance of 86 crore pertaining to share warrants. This investment was expected to boost OPaL to a subsidiary of ONGC, along with the last having a 95.69% capital concern.
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