.Oil as well as Natural Gas Organization (ONGC) has actually raised its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the conversion of Compulsorily Convertible Debentures (CCDs).
What Occurred: The news was made through ONGC on Thursday evening. The firm's board had actually approved the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from banks, financial institutions, investment funds, and various other holders. The sale of these CCDs right into equity shares resulted in the quantity of 61,070 lakh equity portions to ONGC.
The sale 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 concern in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh shares, the shareholding of the Firm in OPaL boosted from 81.28% to 91.16% equity shares," the firm stated in its own formal interaction.
Last month, ONGC gotten commendation coming from the Authorities of India to invest 18,365 crore right into OPaL. This allowed investment consisted of an additional equity financing mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium settlement of 86 crore relating to share warrants. This expenditure was anticipated to boost OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% equity risk.
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