.Oil and also Natural Gas Company (ONGC) has actually boosted its own shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was made through ONGC on Thursday evening. The provider's panel had approved the buy-back of CCDs given out through OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, investment funds, and other owners. The sale of these CCDs in to equity reveals led to the part of 61,070 lakh equity reveals to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore resulted in the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Firm in OPaL boosted from 81.28% to 91.16% equity portions," the provider specified in its official interaction.
Final month, ONGC safeguarded approval coming from the Federal government of India to invest 18,365 crore in to OPaL. This accredited expenditure included an extra equity financing infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a harmony remittance of 86 crore pertaining to share warrants. This assets was actually assumed to increase OPaL to a subsidiary of ONGC, with the last owning a 95.69% equity stake.
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