.Oil as well as Natural Gas Enterprise (ONGC) has improved its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The news was made through ONGC on Thursday night. The provider's board had authorized the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from banks, banking companies, investment funds, and various other holders. The conversion of these CCDs in to equity reveals caused the slice of 61,070 lakh equity shares to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore brought about the boost 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 Company in OPaL raised from 81.28% to 91.16% equity shares," the provider explained in its own main interaction.
Last month, ONGC secured commendation coming from the Government of India to spend 18,365 crore into OPaL. This approved expenditure included an extra equity funding infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and also a harmony remittance of 86 crore relating to discuss warrants. This expenditure was actually expected to increase OPaL to a subsidiary of ONGC, with the last having a 95.69% capital concern.
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