.Oil as well as Natural Gas Corporation (ONGC) has enhanced its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, following the sale of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was actually made through ONGC on Thursday night. The business's panel had actually permitted the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches coming from financial institutions, banks, investment funds, as well as other owners. The transformation of these CCDs in to equity portions resulted in the slice 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 caused the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Provider in OPaL increased coming from 81.28% to 91.16% equity shares," the firm explained in its own main interaction.
Final month, ONGC safeguarded approval coming from the Federal government of India to spend 18,365 crore into OPaL. This approved investment consisted of an extra equity financing infusion of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and also a harmony settlement of 86 crore relating to share warrants. This assets was actually anticipated to elevate OPaL to a subsidiary of ONGC, with the second owning a 95.69% capital risk.
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