.Oil and also Natural Gas Firm (ONGC) has improved its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs). What Took place: The news was helped make through ONGC on Thursday night. The firm’s board had accepted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banking companies, mutual funds, and also various other holders.
The sale of these CCDs in to equity allotments resulted in the slice of 61,070 lakh equity allotments to ONGC. The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore led to the boost in ONGC’s concern in OPaL from 81.28% to 91.16%. Observe Additionally: Tata Energy, Tata Motors To Establish 200 EV Billing Places In 5 City Cities.
” Upon issuance of 61,070 lakh allotments, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity shares,” the business explained in its main communication. Final month, ONGC gotten commendation from the Authorities of India to invest 18,365 crore in to OPaL. This allowed assets featured an additional equity funding infusion of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance repayment of 86 crore pertaining to discuss warrants.
This financial investment was expected to boost OPaL to a subsidiary of ONGC, along with the second owning a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All 50 Equities Approach Environment-friendly. Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
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