.Oil as well as Natural Gas Corporation (ONGC) has raised its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Took place: The announcement was actually created by ONGC on Thursday evening. The company's board had actually authorized the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches from banks, banks, investment funds, and other holders. The sale of these CCDs into equity shares resulted in the slice of 61,070 lakh equity portions to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore resulted in the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Business in OPaL increased from 81.28% to 91.16% equity portions," the provider specified in its official interaction.
Last month, ONGC safeguarded approval coming from the Government of India to commit 18,365 crore into OPaL. This allowed expenditure featured an extra equity financing infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a balance payment of 86 crore relating to discuss warrants. This expenditure was anticipated to increase OPaL to a subsidiary of ONGC, with the last owning a 95.69% equity stake.
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