.Oil and also Gas Organization (ONGC) has actually boosted its own shareholding in ONGC Petro add-ons Restricted (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was actually made by ONGC on Thursday evening. The company's board had authorized the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches coming from banks, banking companies, mutual funds, as well as other holders. The conversion of these CCDs right into equity allotments led to the allocation of 61,070 lakh equity shares to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) totaling up to 6,107 crore triggered the increase in ONGC's stake in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh reveals, the shareholding of the Firm in OPaL increased from 81.28% to 91.16% equity allotments," the company mentioned in its main interaction.
Last month, ONGC secured approval from the Authorities of India to spend 18,365 crore into OPaL. This allowed assets featured an added equity capital mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, and a harmony remittance of 86 crore referring to share warrants. This financial investment was actually expected to increase OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% equity risk.
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