.Oil and Gas Organization (ONGC) has enhanced its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs).
What Took place: The announcement was actually helped make by ONGC on Thursday evening. The provider's board had approved the buy-back of CCDs given out through OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, investment funds, and also other owners. The transformation of these CCDs right into equity portions led to the allocation of 61,070 lakh equity shares to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore led to the boost in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh shares, the shareholding of the Company in OPaL boosted coming from 81.28% to 91.16% equity allotments," the provider specified in its official interaction.
Last month, ONGC protected approval from the Government of India to invest 18,365 crore right into OPaL. This sanctioned investment featured an additional equity funds infusion of around 10,501 crore, conversion of CCDs worth 7,778 crore, and an equilibrium repayment of 86 crore relating to discuss warrants. This expenditure was expected to boost OPaL to a subsidiary of ONGC, with the latter having a 95.69% equity stake.
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