.Oil and Natural Gas Organization (ONGC) has raised its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was actually made by ONGC on Thursday night. The business's board had actually authorized the buy-back of CCDs released through OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, investment funds, and also other owners. The transformation of these CCDs right into equity portions led to the part of 61,070 lakh equity reveals to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL improved coming from 81.28% to 91.16% equity portions," the business explained in its own official interaction.
Final month, ONGC gotten commendation from the Authorities of India to put in 18,365 crore into OPaL. This sanctioned investment included an added equity financing mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance payment of 86 crore relating to discuss warrants. This financial investment was actually expected to elevate OPaL to a subsidiary of ONGC, along with the second having a 95.69% capital stake.
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