.Oil and also Gas Company (ONGC) has actually raised its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, adhering to the sale of Compulsorily Convertible Bonds (CCDs).
What Occurred: The announcement was actually made through ONGC on Thursday night. The company's board had permitted the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, financial institutions, stock funds, and various other owners. The conversion of these CCDs into equity portions led to the allocation of 61,070 lakh equity portions to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore led to the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
See Additionally: Tata Energy, Tata Motors To Set Up 200 EV Charging Places In 5 Local Area Cities.
" Upon issuance of 61,070 lakh allotments, the shareholding of the Business in OPaL increased from 81.28% to 91.16% equity shares," the company specified in its own main communication.
Final month, ONGC secured commendation from the Government of India to commit 18,365 crore right into OPaL. This allowed assets included an added equity capital mixture of around 10,501 crore, transformation of CCDs worth 7,778 crore, and a balance settlement of 86 crore referring to discuss warrants. This financial investment was actually expected to elevate OPaL to a subsidiary of ONGC, with the second possessing a 95.69% capital stake.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Clean All-Time High, All Of fifty Shares Close In Veggie.
Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro material creation unit capitalizes on the significant Benzinga Ecosystem, featuring native data, APIs, and also even more to develop thorough as well as quick tales for you.Discover more.
Do not skip a beat on the reveal market. Acquire real-time updates ahead supply moving companies as well as trading suggestions on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga carries out not supply financial investment advise. All liberties set aside.