.Oil as well as Natural Gas Enterprise (ONGC) has actually increased its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Bonds (CCDs). What Occurred: The news was actually produced through ONGC on Thursday evening. The provider’s board had actually accepted the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches coming from banks, banking companies, stock funds, as well as other owners.
The transformation of these CCDs right into equity reveals resulted in the slice of 61,070 lakh equity shares to ONGC. The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore brought about the increase in ONGC’s stake in OPaL from 81.28% to 91.16%. Observe Likewise: Tata Power, Tata Motors To Put Together 200 EV Charging Places In 5 Region Cities.
” Upon issuance of 61,070 lakh reveals, the shareholding of the Provider in OPaL improved from 81.28% to 91.16% equity portions,” the company stated in its official interaction. Last month, ONGC gotten commendation coming from the Federal government of India to put in 18,365 crore into OPaL. This allowed assets featured an extra equity capital infusion of up to 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony payment of 86 crore pertaining to discuss warrants.
This investment was actually expected to elevate OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All fifty Equities Approach Veggie. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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