.Oil and Natural Gas Corporation (ONGC) has actually raised its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Bonds (CCDs). What Took place: The statement was actually created by ONGC on Thursday night. The business’s board had permitted the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches coming from banks, financial institutions, stock funds, and other holders.
The conversion of these CCDs right into equity portions 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) amounting to 6,107 crore caused the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. Find Additionally: Tata Power, Tata Motors To Put Together 200 EV Demanding Stations In 5 City Cities.
” Upon issuance of 61,070 lakh shares, the shareholding of the Firm in OPaL improved from 81.28% to 91.16% equity portions,” the provider explained in its own formal interaction. Last month, ONGC secured approval from the Authorities of India to invest 18,365 crore into OPaL. This allowed investment featured an additional equity funding mixture of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore relating to share warrants.
This investment was actually anticipated 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 Fresh All-Time High, All 50 Equities Approach Environment-friendly. Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
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