.Oil and also Natural Gas Firm (ONGC) has actually boosted its shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs). What Took place: The news was created by ONGC on Thursday evening. The company’s panel had authorized the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from banks, banks, stock funds, and also other holders.
The conversion of these CCDs into equity portions resulted in the quantity of 61,070 lakh equity reveals to ONGC. The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore led to the boost in ONGC’s stake in OPaL coming from 81.28% to 91.16%. Observe Additionally: Tata Power, Tata Motors To Put Together 200 EV Billing Stations In 5 Metro Cities.
” Upon publication of 61,070 lakh allotments, the shareholding of the Company in OPaL boosted from 81.28% to 91.16% equity shares,” the firm explained in its own main communication. Last month, ONGC protected approval coming from the Authorities of India to commit 18,365 crore right into OPaL. This accredited expenditure consisted of an additional equity funds infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium payment of 86 crore pertaining to discuss warrants.
This financial investment was actually assumed to elevate OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity concern. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Fresh All-Time High, All Of fifty Shares Approach Eco-friendly. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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