.Oil as well as Natural Gas Company (ONGC) has actually increased its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Bonds (CCDs).
What Took place: The statement was made by ONGC on Thursday night. The business's board had actually authorized the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, mutual funds, as well as various other holders. The sale of these CCDs right into equity shares led to the slice 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) amounting to 6,107 crore triggered the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Company in OPaL boosted coming from 81.28% to 91.16% equity shares," the firm stated in its own formal interaction.
Last month, ONGC safeguarded approval from the Government of India to spend 18,365 crore right into OPaL. This allowed financial investment consisted of an added equity capital infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore referring to share warrants. This financial investment was assumed to raise OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% capital stake.
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