.Oil and also Natural Gas Enterprise (ONGC) has increased its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs). What Occurred: The news was made by ONGC on Thursday evening. The company’s board had permitted the buy-back of CCDs released by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, mutual funds, as well as various other holders.
The sale of these CCDs in to equity reveals resulted in the allotment of 61,070 lakh equity reveals to ONGC. The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore resulted in the rise in ONGC’s concern in OPaL coming from 81.28% to 91.16%. See Additionally: Tata Power, Tata Motors To Set Up 200 EV Billing Places In 5 City Cities.
” Upon publication of 61,070 lakh reveals, the shareholding of the Provider in OPaL enhanced coming from 81.28% to 91.16% equity shares,” the business specified in its own formal interaction. Last month, ONGC protected approval coming from the Authorities of India to put in 18,365 crore into OPaL. This accredited investment featured an added equity financing infusion of up to 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony payment of 86 crore concerning discuss warrants.
This investment was actually expected to lift OPaL to a subsidiary of ONGC, along with the second having a 95.69% capital concern. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Fresh All-Time High, All 50 Stocks Enclose Green. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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