.Oil as well as Natural Gas Firm (ONGC) has actually raised its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Debentures (CCDs). What Occurred: The news was actually created by ONGC on Thursday night. The business’s board had actually authorized the buy-back of CCDs released through OPaL worth 7,778 crore in three tranches from financial institutions, banks, investment funds, and various other owners.
The conversion of these CCDs into equity reveals resulted in the allocation of 61,070 lakh equity allotments to ONGC. The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) amounting to 6,107 crore brought about the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. Find Likewise: Tata Energy, Tata Motors To Establish 200 EV Charging Stations In 5 Region Cities.
” Upon issue of 61,070 lakh shares, the shareholding of the Firm in OPaL enhanced from 81.28% to 91.16% equity shares,” the provider stated in its own formal communication. Final month, ONGC gotten commendation coming from the Federal government of India to put in 18,365 crore right into OPaL. This allowed financial investment included an additional equity capital mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore concerning discuss warrants.
This financial investment was expected to boost OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% capital risk. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Fresh All-Time High, All 50 Assets Enclose Veggie. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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