.Oil as well as Natural Gas Corporation (ONGC) has actually increased its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Bonds (CCDs).
What Occurred: The news was actually helped make by ONGC on Thursday night. The company's panel had approved the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, investment funds, as well as other holders. The sale of these CCDs right into equity reveals resulted in the slice of 61,070 lakh equity shares to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore triggered the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Business in OPaL increased from 81.28% to 91.16% equity portions," the provider stated in its official communication.
Final month, ONGC safeguarded approval coming from the Government of India to invest 18,365 crore into OPaL. This accredited expenditure included an additional equity funding mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance repayment of 86 crore referring to discuss warrants. This investment was actually anticipated to increase OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital risk.
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Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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