.Oil and Natural Gas Organization (ONGC) has increased its shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was helped make through ONGC on Thursday night. The provider's board had actually authorized the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches from banks, banking companies, mutual funds, and various other holders. The conversion of these CCDs into equity reveals resulted in the allotment of 61,070 lakh equity allotments to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore led to the increase in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Provider in OPaL increased coming from 81.28% to 91.16% equity portions," the provider specified in its own official communication.
Last month, ONGC protected commendation from the Federal government of India to spend 18,365 crore into OPaL. This accredited investment featured an extra equity capital mixture of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium repayment of 86 crore pertaining to share warrants. This financial investment was assumed to lift OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity concern.
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