.Oil as well as Natural Gas Organization (ONGC) has increased its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was produced through ONGC on Thursday night. The firm's board had permitted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, mutual funds, as well as various other holders. The sale of these CCDs into equity shares resulted in the slice of 61,070 lakh equity reveals to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore resulted in the increase in ONGC's concern in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL raised coming from 81.28% to 91.16% equity allotments," the company explained in its own official interaction.
Last month, ONGC safeguarded commendation from the Government of India to put in 18,365 crore into OPaL. This accredited financial investment consisted of an added equity resources mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and a balance remittance of 86 crore pertaining to discuss warrants. This financial investment was actually assumed to lift OPaL to a subsidiary of ONGC, with the latter having a 95.69% equity risk.
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