.Oil as well as Natural Gas Company (ONGC) has actually improved its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Bonds (CCDs). What Occurred: The announcement was created through ONGC on Thursday night. The firm’s panel had actually permitted the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, stock funds, and various other holders.
The sale of these CCDs into equity portions caused the allotment of 61,070 lakh equity reveals to ONGC. The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) totaling up to 6,107 crore led to the increase in ONGC’s stake in OPaL from 81.28% to 91.16%. Find Additionally: Tata Electrical Power, Tata Motors To Establish 200 EV Billing Stations In 5 Metro Cities.
” Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity shares,” the firm stated in its formal interaction. Final month, ONGC safeguarded commendation from the Government of India to invest 18,365 crore in to OPaL. This sanctioned assets featured an added equity financing infusion of around 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance repayment of 86 crore relating to discuss warrants.
This investment was actually expected to increase OPaL to a subsidiary of ONGC, with the latter having a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Fresh All-Time High, All fifty Assets Close In Eco-friendly. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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