.Oil and also Natural Gas Corporation (ONGC) has increased its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was actually helped make by ONGC on Thursday night. The firm's board had accepted the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches coming from financial institutions, financial institutions, stock funds, as well as other holders. The conversion of these CCDs into equity allotments resulted in the slice of 61,070 lakh equity reveals to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh reveals, the shareholding of the Business in OPaL improved coming from 81.28% to 91.16% equity allotments," the business specified in its own official communication.
Last month, ONGC gotten commendation coming from the Government of India to invest 18,365 crore into OPaL. This sanctioned investment consisted of an additional equity funding infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore referring to share warrants. This investment was assumed to elevate OPaL to a subsidiary of ONGC, with the last owning a 95.69% capital risk.
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