.Oil and also Gas Company (ONGC) has enhanced its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Bonds (CCDs). What Happened: The statement was made through ONGC on Thursday night. The business’s board had accepted the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, investment funds, and also other holders.
The transformation of these CCDs right into equity portions caused the part of 61,070 lakh equity portions to ONGC. The conversion of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore caused the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. View Likewise: Tata Power, Tata Motors To Put Together 200 EV Charging Stations In 5 Region Cities.
” Upon publication of 61,070 lakh reveals, the shareholding of the Firm in OPaL improved from 81.28% to 91.16% equity reveals,” the company mentioned in its own official interaction. Last month, ONGC secured approval from the Government of India to put in 18,365 crore in to OPaL. This sanctioned investment consisted of an added equity funding infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance remittance of 86 crore relating to discuss warrants.
This investment was actually expected to elevate OPaL to a subsidiary of ONGC, with the second possessing a 95.69% equity risk. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To New All-Time High, All Of fifty Assets Approach Veggie. Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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