.Oil and Gas Organization (ONGC) has boosted its shareholding in ONGC Petro additions Minimal (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Bonds (CCDs).
What Occurred: The news was actually produced by ONGC on Thursday night. The provider's board had actually approved the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, mutual funds, and also other owners. The transformation of these CCDs in to equity portions resulted in the allocation of 61,070 lakh equity shares to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore triggered the increase in ONGC's risk in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Firm in OPaL enhanced from 81.28% to 91.16% equity allotments," the company explained in its own formal communication.
Last month, ONGC secured approval coming from the Federal government of India to put in 18,365 crore into OPaL. This allowed financial investment featured an added equity resources mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance payment of 86 crore referring to share warrants. This assets was actually expected to raise OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% capital concern.
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