.Oil as well as Natural Gas Enterprise (ONGC) has improved its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Bonds (CCDs).
What Occurred: The news was actually made by ONGC on Thursday evening. The company's board had actually approved the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from banks, banking companies, investment funds, as well as various other owners. The transformation of these CCDs into equity reveals caused the quantity of 61,070 lakh equity reveals to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore as well as 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 publication of 61,070 lakh shares, the shareholding of the Business in OPaL enhanced from 81.28% to 91.16% equity shares," the provider said in its own main communication.
Last month, ONGC gotten approval coming from the Federal government of India to invest 18,365 crore into OPaL. This approved investment consisted of an additional equity financing mixture of around 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore concerning discuss warrants. This assets was actually assumed to lift OPaL to a subsidiary of ONGC, with the latter possessing a 95.69% equity risk.
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