.Oil and Natural Gas Company (ONGC) has increased its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs). What Occurred: The announcement was actually made by ONGC on Thursday night. The provider’s panel had authorized the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from financial institutions, banks, investment funds, as well as various other holders.
The transformation of these CCDs into equity shares caused 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 also 492 crore specifically) totaling up to 6,107 crore led to the increase in ONGC’s stake in OPaL coming from 81.28% to 91.16%. See Additionally: Tata Power, Tata Motors To Put Together 200 EV Billing Places In 5 Region Cities.
” Upon issue of 61,070 lakh portions, the shareholding of the Business in OPaL improved coming from 81.28% to 91.16% equity shares,” the firm said in its main communication. Final month, ONGC safeguarded approval coming from the Authorities of India to invest 18,365 crore into OPaL. This sanctioned assets featured an extra equity resources infusion of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and also a harmony payment of 86 crore relating to share warrants.
This expenditure was anticipated to raise OPaL to a subsidiary of ONGC, along with the latter possessing a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Clean All-Time High, All fifty Shares Approach Eco-friendly. Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
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