.Oil and Gas Company (ONGC) has actually enhanced its shareholding in ONGC Petro enhancements Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Bonds (CCDs).
What Happened: The announcement was actually created by ONGC on Thursday night. The company's panel had approved the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from banks, banks, investment funds, and various other holders. The transformation of these CCDs right into equity portions resulted in the allotment of 61,070 lakh equity allotments to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore triggered the increase in ONGC's stake in OPaL from 81.28% to 91.16%.
Observe Additionally: Tata Energy, Tata Motors To Set Up 200 EV Billing Stations In 5 Region Cities.
" Upon issuance of 61,070 lakh portions, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity allotments," the firm explained in its official communication.
Last month, ONGC gotten approval from the Government of India to put in 18,365 crore right into OPaL. This accredited financial investment featured an added equity capital mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium repayment of 86 crore concerning share warrants. This investment was actually expected to elevate OPaL to a subsidiary of ONGC, along with the second possessing a 95.69% capital concern.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To New All-Time High, All Of 50 Shares Approach Veggie.
Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro material generation body makes use of the substantial Benzinga Ecological community, including indigenous information, APIs, and more to produce thorough and timely accounts for you.Discover more.
Don't miss out on a beat on the portion market. Get real-time updates on top stock moving companies as well as investing suggestions on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga performs certainly not deliver expenditure tips. All rights booked.