.Oil as well as Gas Enterprise (ONGC) has actually enhanced its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was helped make through ONGC on Thursday evening. The provider's panel had permitted the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches coming from banks, banking companies, investment funds, and other owners. The sale of these CCDs into equity shares caused the part of 61,070 lakh equity portions to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore resulted in the increase in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh allotments, the shareholding of the Company in OPaL raised coming from 81.28% to 91.16% equity reveals," the firm specified in its own formal interaction.
Final month, ONGC gotten approval from the Government of India to commit 18,365 crore right into OPaL. This allowed expenditure featured an additional equity resources mixture of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also a balance repayment of 86 crore concerning share warrants. This financial investment was actually assumed to increase OPaL to a subsidiary of ONGC, with the latter owning a 95.69% equity stake.
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