.Oil and also Natural Gas Company (ONGC) has actually increased its shareholding in ONGC Petro additions Restricted (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was actually helped make through ONGC on Thursday evening. The provider's panel had permitted the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches coming from financial institutions, banks, mutual funds, and various other owners. The transformation of these CCDs into equity reveals caused the part of 61,070 lakh equity shares to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore respectively) totaling up to 6,107 crore led to the increase in ONGC's stake in OPaL coming from 81.28% to 91.16%.
Find Additionally: Tata Power, Tata Motors To Put Together 200 EV Charging Stations In 5 Metro Cities.
" Upon publication of 61,070 lakh reveals, the shareholding of the Company in OPaL raised coming from 81.28% to 91.16% equity reveals," the business explained in its own official communication.
Final month, ONGC safeguarded approval from the Federal government of India to put in 18,365 crore into OPaL. This approved investment featured an extra equity financing infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance repayment of 86 crore referring to share warrants. This investment was expected to elevate OPaL to a subsidiary of ONGC, along with the last possessing a 95.69% equity risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Clean All-Time High, All 50 Shares Close In Eco-friendly.
Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information generation body makes use of the considerable Benzinga Ecosystem, including native records, APIs, and also additional to make complete and well-timed accounts for you.Discover more.
Don't miss out on a beat on the reveal market. Obtain real-time updates ahead inventory agents as well as trading ideas on Benzinga India Telegram channel. u00a9 2024 Benzinga.com. Benzinga performs not offer investment advise. All liberties reserved.