.Oil as well as Natural Gas Firm (ONGC) has improved its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The announcement was actually made by ONGC on Thursday evening. The firm's panel had accepted the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, mutual funds, and also other holders. The transformation of these CCDs in to equity reveals caused the quantity of 61,070 lakh equity portions to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore triggered the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Provider in OPaL improved from 81.28% to 91.16% equity reveals," the company said in its formal communication.
Last month, ONGC protected commendation from the Federal government of India to invest 18,365 crore right into OPaL. This approved assets consisted of an extra equity financing infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and a balance payment of 86 crore referring to share warrants. This investment was actually expected to raise OPaL to a subsidiary of ONGC, with the second having a 95.69% equity concern.
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