.Oil and Gas Enterprise (ONGC) has boosted its shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The announcement was actually made through ONGC on Thursday evening. The business's board had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, mutual funds, as well as other owners. The sale of these CCDs into equity allotments led to the slice of 61,070 lakh equity portions to ONGC.
The sale of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore caused the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity allotments," the company explained in its own main interaction.
Last month, ONGC secured commendation coming from the Government of India to spend 18,365 crore into OPaL. This approved financial investment featured an additional equity funds mixture of around 10,501 crore, sale of CCDs worth 7,778 crore, and also a balance settlement of 86 crore referring to share warrants. This investment was anticipated to increase OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% capital stake.
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