.Oil and also Natural Gas Organization (ONGC) has increased its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was helped make through ONGC on Thursday night. The company's panel had accepted the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, stock funds, and other owners. The conversion of these CCDs in to equity shares caused the part 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 respectively) amounting to 6,107 crore caused the rise in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh allotments, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity shares," the firm stated in its own official communication.
Last month, ONGC secured commendation from the Government of India to commit 18,365 crore in to OPaL. This accredited investment featured an extra equity capital mixture of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium remittance of 86 crore relating to share warrants. This expenditure was actually expected to increase OPaL to a subsidiary of ONGC, with the last having a 95.69% capital risk.
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