.Oil and Gas Company (ONGC) has boosted its own shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was helped make by ONGC on Thursday night. The business's panel had accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches coming from financial institutions, financial institutions, stock funds, and also other owners. The sale of these CCDs right into equity portions resulted in the quantity of 61,070 lakh equity shares to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore triggered the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Firm in OPaL improved coming from 81.28% to 91.16% equity portions," the company said in its own main interaction.
Last month, ONGC gotten approval from the Authorities of India to invest 18,365 crore in to OPaL. This approved assets included an extra equity funds infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, as well as an equilibrium repayment of 86 crore pertaining to discuss warrants. This investment was expected to raise OPaL to a subsidiary of ONGC, with the latter having a 95.69% capital stake.
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