.Oil and Natural Gas Organization (ONGC) has boosted its own shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, following the sale of Compulsorily Convertible Debentures (CCDs).
What Took place: The announcement was actually made through ONGC on Thursday night. The company's board had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, mutual funds, and also other owners. The conversion of these CCDs right into equity allotments resulted in the allotment of 61,070 lakh equity allotments to ONGC.
The sale of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore brought about the rise in ONGC's concern in OPaL coming from 81.28% to 91.16%.
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" Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL improved coming from 81.28% to 91.16% equity reveals," the firm specified in its formal communication.
Final month, ONGC secured approval from the Federal government of India to commit 18,365 crore in to OPaL. This allowed financial investment featured an extra equity resources mixture of up to 10,501 crore, sale of CCDs worth 7,778 crore, as well as an equilibrium repayment of 86 crore pertaining to share warrants. This financial investment was assumed to boost OPaL to a subsidiary of ONGC, with the second owning a 95.69% capital concern.
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