.Oil and also Gas Enterprise (ONGC) has actually improved its shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was made by ONGC on Thursday evening. The provider's panel had actually authorized the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banking companies, mutual funds, and various other holders. The sale of these CCDs in to equity allotments resulted in the quantity of 61,070 lakh equity shares to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore led to the rise in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Company in OPaL improved from 81.28% to 91.16% equity portions," the firm said in its own official communication.
Last month, ONGC secured commendation from the Government of India to invest 18,365 crore in to OPaL. This approved expenditure consisted of an additional equity funds mixture of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore pertaining to share warrants. This financial investment was actually assumed to raise OPaL to a subsidiary of ONGC, along with the last having a 95.69% equity risk.
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