.Oil as well as Gas Company (ONGC) has boosted its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs). What Took place: The statement was actually helped make by ONGC on Thursday evening. The company’s board had accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, investment funds, as well as other owners.
The sale of these CCDs in to equity allotments caused the quantity of 61,070 lakh equity shares to ONGC. The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore resulted in the increase in ONGC’s risk in OPaL coming from 81.28% to 91.16%. Observe Also: Tata Power, Tata Motors To Set Up 200 EV Asking For Places In 5 Metro Cities.
” Upon publication of 61,070 lakh allotments, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity allotments,” the provider explained in its main interaction. Last month, ONGC secured approval coming from the Authorities of India to put in 18,365 crore right into OPaL. This approved financial investment featured an additional equity funds infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore relating to discuss warrants.
This investment was actually anticipated to lift OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Fresh All-Time High, All fifty Stocks Approach Green. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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