.Oil as well as Gas Organization (ONGC) has raised its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The statement was actually created by ONGC on Thursday evening. The business's board had accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, stock funds, and other holders. The sale of these CCDs right into equity allotments caused the allotment of 61,070 lakh equity portions to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore triggered the boost in ONGC's risk 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 improved coming from 81.28% to 91.16% equity portions," the company specified in its formal interaction.
Last month, ONGC safeguarded commendation from the Federal government of India to invest 18,365 crore into OPaL. This allowed investment included an added equity financing mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance settlement of 86 crore referring to share warrants. This expenditure was expected to lift OPaL to a subsidiary of ONGC, along with the latter possessing a 95.69% capital concern.
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