.Oil as well as Natural Gas Firm (ONGC) has actually improved its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Bonds (CCDs).
What Occurred: The news was made through ONGC on Thursday evening. The company's panel had actually accepted the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches from banks, financial institutions, investment funds, as well as other holders. The transformation of these CCDs into equity allotments resulted in the part of 61,070 lakh equity shares to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore triggered the boost in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity shares," the firm mentioned in its official interaction.
Final month, ONGC secured approval from the Authorities of India to put in 18,365 crore right into OPaL. This accredited assets consisted of an added equity capital mixture of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance settlement of 86 crore relating to discuss warrants. This financial investment was assumed to boost OPaL to a subsidiary of ONGC, along with the last owning a 95.69% capital concern.
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