.Oil and Gas Firm (ONGC) has enhanced its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Debentures (CCDs). What Happened: The statement was actually produced by ONGC on Thursday night. The firm’s panel had permitted the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from financial institutions, banking companies, stock funds, and other owners.
The sale of these CCDs right into equity allotments caused the slice of 61,070 lakh equity reveals to ONGC. The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) amounting to 6,107 crore brought about the increase in ONGC’s concern in OPaL coming from 81.28% to 91.16%. Find Also: Tata Power, Tata Motors To Establish 200 EV Charging Stations In 5 Metro Cities.
” Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL increased coming from 81.28% to 91.16% equity allotments,” the firm said in its formal communication. Last month, ONGC secured approval coming from the Authorities of India to put in 18,365 crore right into OPaL. This accredited financial investment featured an added equity capital mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance repayment of 86 crore pertaining to share warrants.
This expenditure was anticipated to raise OPaL to a subsidiary of ONGC, along with the second owning a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To New All-Time High, All Of 50 Shares Approach Green. Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
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