.Oil and Natural Gas Organization (ONGC) has actually increased its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs). What Occurred: The news was helped make through ONGC on Thursday evening. The business’s board had approved the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from banks, banks, mutual funds, and also other holders.
The transformation of these CCDs into equity shares led to the part of 61,070 lakh equity portions to ONGC. The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore triggered the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. Find Likewise: Tata Energy, Tata Motors To Establish 200 EV Billing Stations In 5 Local Area Cities.
” Upon issue of 61,070 lakh portions, the shareholding of the Company in OPaL raised from 81.28% to 91.16% equity portions,” the company said in its own main communication. Last month, ONGC secured approval from the Federal government of India to put in 18,365 crore in to OPaL. This accredited financial investment consisted of an added equity capital mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and an equilibrium payment of 86 crore pertaining to share warrants.
This assets was anticipated to raise OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All Of 50 Shares Close In Environment-friendly. Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
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