.Oil and Gas Firm (ONGC) has boosted its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was actually produced by ONGC on Thursday evening. The company's board had actually approved the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches coming from banks, financial institutions, investment funds, as well as various other owners. The transformation of these CCDs right into equity shares caused the quantity of 61,070 lakh equity portions to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore brought about the increase in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity shares," the firm stated in its formal interaction.
Last month, ONGC protected approval coming from the Federal government of India to commit 18,365 crore into OPaL. This allowed assets featured an additional equity resources infusion of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a balance remittance of 86 crore relating to share warrants. This expenditure was actually expected to elevate OPaL to a subsidiary of ONGC, with the latter owning a 95.69% equity concern.
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