.Oil as well as Natural Gas Enterprise (ONGC) has increased its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was produced by ONGC on Thursday night. The company's panel had accepted the buy-back of CCDs provided through OPaL worth 7,778 crore in three tranches coming from financial institutions, banks, mutual funds, as well as various other owners. The sale of these CCDs right into equity shares resulted in the quantity 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 caused the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Provider in OPaL increased from 81.28% to 91.16% equity portions," the provider said in its official communication.
Final month, ONGC protected approval from the Federal government of India to commit 18,365 crore in to OPaL. This allowed expenditure featured an extra equity funds mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and a harmony payment of 86 crore relating to discuss warrants. This financial investment was expected to increase OPaL to a subsidiary of ONGC, with the latter owning a 95.69% capital risk.
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