.Oil and also Gas Enterprise (ONGC) has boosted its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs). What Happened: The statement was created by ONGC on Thursday evening. The business’s board had approved the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, mutual funds, as well as other holders.
The sale of these CCDs right into equity shares caused the part of 61,070 lakh equity shares to ONGC. The sale of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore caused the rise in ONGC’s risk in OPaL from 81.28% to 91.16%. Find Additionally: Tata Power, Tata Motors To Put Together 200 EV Charging Places In 5 City Cities.
” Upon issue of 61,070 lakh allotments, the shareholding of the Business in OPaL increased from 81.28% to 91.16% equity allotments,” the company stated in its own formal interaction. Last month, ONGC secured commendation from the Authorities of India to invest 18,365 crore in to OPaL. This allowed investment included an extra equity funds infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and a harmony repayment of 86 crore concerning share warrants.
This investment was expected to lift OPaL to a subsidiary of ONGC, with the latter having a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Clean All-Time High, All Of fifty Equities Close In Green. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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