.Oil and Natural Gas Enterprise (ONGC) has actually increased its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The news was created through ONGC on Thursday night. The company's board had actually approved the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, stock funds, as well as various other holders. The transformation of these CCDs into equity shares caused the part of 61,070 lakh equity shares to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Company in OPaL enhanced coming from 81.28% to 91.16% equity shares," the business specified in its own main interaction.
Final month, ONGC safeguarded commendation from the Government of India to invest 18,365 crore into OPaL. This sanctioned investment included an added equity resources infusion of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also a harmony payment of 86 crore concerning share warrants. This expenditure was assumed to elevate OPaL to a subsidiary of ONGC, along with the last owning a 95.69% equity concern.
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