.Oil and Natural Gas Firm (ONGC) has improved its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The statement was actually produced by ONGC on Thursday evening. The provider's board had authorized the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches from banks, banks, investment funds, and various other owners. The transformation of these CCDs into equity allotments resulted in the slice of 61,070 lakh equity shares to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore brought about the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Company in OPaL boosted from 81.28% to 91.16% equity reveals," the firm mentioned in its main interaction.
Last month, ONGC secured commendation coming from the Government of India to put in 18,365 crore right into OPaL. This approved expenditure featured an added equity funding mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, as well as a balance remittance of 86 crore referring to share warrants. This financial investment was actually expected to lift OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% capital risk.
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