.Oil and Natural Gas Company (ONGC) has raised its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The announcement was actually created by ONGC on Thursday evening. The company's panel had permitted the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, as well as other holders. The sale of these CCDs right into equity shares led to the allocation of 61,070 lakh equity shares to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore brought about the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Company in OPaL boosted from 81.28% to 91.16% equity shares," the provider said in its own official interaction.
Final month, ONGC secured commendation coming from the Authorities of India to put in 18,365 crore in to OPaL. This accredited assets included an added equity resources mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore concerning discuss warrants. This expenditure was assumed to boost OPaL to a subsidiary of ONGC, along with the latter having a 95.69% capital concern.
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