.Oil and Natural Gas Company (ONGC) has increased its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was helped make through ONGC on Thursday night. The company's panel had approved the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from banks, banks, mutual funds, and also various other holders. The conversion of these CCDs into equity reveals caused the allotment of 61,070 lakh equity shares to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore triggered the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Business in OPaL raised coming from 81.28% to 91.16% equity portions," the company said in its own main communication.
Final month, ONGC protected commendation coming from the Government of India to spend 18,365 crore into OPaL. This sanctioned expenditure featured an additional equity funding infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore pertaining to discuss warrants. This financial investment was expected to boost OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity stake.
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