.Oil and Gas Company (ONGC) has actually improved its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, observing the sale of Compulsorily Convertible Bonds (CCDs). What Happened: The news was created by ONGC on Thursday evening. The company’s panel had actually accepted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from banks, banks, investment funds, and also various other owners.
The sale of these CCDs in to equity allotments resulted in the slice of 61,070 lakh equity allotments to ONGC. The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore caused the increase in ONGC’s concern in OPaL coming from 81.28% to 91.16%. See Additionally: Tata Energy, Tata Motors To Put Together 200 EV Charging Stations In 5 City Cities.
” Upon issue of 61,070 lakh portions, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity reveals,” the company stated in its formal interaction. Final month, ONGC protected commendation from the Authorities of India to spend 18,365 crore in to OPaL. This allowed investment consisted of an additional equity funds mixture of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and also a balance repayment of 86 crore pertaining to discuss warrants.
This investment was actually anticipated to raise OPaL to a subsidiary of ONGC, with the second owning a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All Of 50 Equities Close In Green. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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