.Oil and Natural Gas Company (ONGC) has enhanced its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs). What Happened: The statement was made by ONGC on Thursday night. The company’s board had actually permitted the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, mutual funds, as well as various other owners.
The conversion of these CCDs right into equity reveals resulted in the part of 61,070 lakh equity reveals to ONGC. The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore resulted in the increase in ONGC’s stake in OPaL from 81.28% to 91.16%. Observe Also: Tata Electrical Power, Tata Motors To Set Up 200 EV Demanding Places In 5 City Cities.
” Upon issue of 61,070 lakh portions, the shareholding of the Firm in OPaL improved coming from 81.28% to 91.16% equity allotments,” the provider mentioned in its main communication. Final month, ONGC safeguarded approval from the Authorities of India to put in 18,365 crore right into OPaL. This approved financial investment included an extra equity funding mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance remittance of 86 crore pertaining to discuss warrants.
This assets was assumed to lift OPaL to a subsidiary of ONGC, with the last possessing a 95.69% equity risk. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All Of fifty Assets Close In Green. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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