.Oil and Natural Gas Firm (ONGC) has increased its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was helped make by ONGC on Thursday evening. The firm's panel had actually accepted the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from banks, banks, stock funds, and also various other owners. The conversion of these CCDs into equity reveals caused the part of 61,070 lakh equity portions to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore caused the rise in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Firm in OPaL raised coming from 81.28% to 91.16% equity allotments," the company said in its main interaction.
Last month, ONGC protected approval from the Government of India to commit 18,365 crore into OPaL. This accredited investment consisted of an additional equity funds mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium remittance of 86 crore pertaining to share warrants. This financial investment was assumed to lift OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital risk.
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