.Oil as well as Natural Gas Corporation (ONGC) has actually improved its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Debentures (CCDs). What Took place: The news was made through ONGC on Thursday evening. The business’s board had approved the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, mutual funds, and also other holders.
The conversion of these CCDs into equity shares led to the slice of 61,070 lakh equity portions to ONGC. The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore caused the boost in ONGC’s stake in OPaL coming from 81.28% to 91.16%. Find Also: Tata Power, Tata Motors To Establish 200 EV Demanding Stations In 5 Metro Cities.
” Upon publication of 61,070 lakh reveals, the shareholding of the Company in OPaL boosted from 81.28% to 91.16% equity allotments,” the business said in its formal interaction. Last month, ONGC gotten approval from the Federal government of India to spend 18,365 crore right into OPaL. This sanctioned financial investment featured an added equity funding infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance repayment of 86 crore concerning share warrants.
This investment was actually assumed to elevate OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All 50 Shares Enclose Veggie. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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