.Oil as well as Gas Company (ONGC) has actually boosted its own shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs). What Occurred: The statement was made through ONGC on Thursday night. The firm’s board had actually approved the buy-back of CCDs released by OPaL worth 7,778 crore in three tranches from banks, banks, stock funds, and other holders.
The sale of these CCDs into equity shares caused the allotment of 61,070 lakh equity shares to ONGC. The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) totaling up to 6,107 crore caused the increase in ONGC’s stake in OPaL from 81.28% to 91.16%. Observe Likewise: Tata Electrical Power, Tata Motors To Establish 200 EV Charging Places In 5 City Cities.
” Upon issue of 61,070 lakh shares, the shareholding of the Business in OPaL boosted coming from 81.28% to 91.16% equity reveals,” the provider specified in its own main interaction. Last month, ONGC secured commendation from the Authorities of India to commit 18,365 crore into OPaL. This accredited financial investment featured an extra equity capital mixture of approximately 10,501 crore, sale of CCDs worth 7,778 crore, as well as an equilibrium repayment of 86 crore relating to share warrants.
This expenditure was expected to boost OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital stake. Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Clean All-Time High, All Of fifty Equities Approach Environment-friendly. Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
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