.Oil as well as Gas Company (ONGC) has boosted its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was helped make through ONGC on Thursday night. The firm's panel had actually accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, stock funds, as well as other holders. The conversion of these CCDs in to equity allotments caused the quantity of 61,070 lakh equity reveals to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore resulted in the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Company in OPaL enhanced coming from 81.28% to 91.16% equity portions," the provider stated in its main communication.
Final month, ONGC gotten approval from the Government of India to put in 18,365 crore in to OPaL. This approved investment included an added equity funding infusion of up to 10,501 crore, transformation of CCDs worth 7,778 crore, and a balance settlement of 86 crore pertaining to discuss warrants. This financial investment was actually expected to lift OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital concern.
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