.Oil as well as Natural Gas Corporation (ONGC) has increased its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was helped make through ONGC on Thursday evening. The business's board had accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, investment funds, and various other holders. The transformation of these CCDs in to equity reveals caused 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 led to the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh reveals, the shareholding of the Company in OPaL improved from 81.28% to 91.16% equity portions," the business said in its own official interaction.
Last month, ONGC safeguarded commendation coming from the Authorities of India to spend 18,365 crore into OPaL. This allowed expenditure featured an extra equity funding mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and an equilibrium remittance of 86 crore relating to discuss warrants. This expenditure was actually assumed to raise OPaL to a subsidiary of ONGC, along with the last owning a 95.69% capital stake.
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