.Oil and also Gas Firm (ONGC) has boosted its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The announcement was produced through ONGC on Thursday evening. The company's board had accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches from banks, financial institutions, stock funds, as well as various other holders. The transformation of these CCDs in to equity shares caused the allotment of 61,070 lakh equity portions to ONGC.
The sale of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore caused the rise in ONGC's concern in OPaL from 81.28% to 91.16%.
Find Also: Tata Energy, Tata Motors To Set Up 200 EV Billing Places In 5 Region Cities.
" Upon publication of 61,070 lakh reveals, the shareholding of the Firm in OPaL increased coming from 81.28% to 91.16% equity reveals," the business specified in its formal interaction.
Last month, ONGC safeguarded approval coming from the Government of India to spend 18,365 crore right into OPaL. This sanctioned expenditure included an additional equity financing infusion of approximately 10,501 crore, conversion of CCDs worth 7,778 crore, and also a harmony payment of 86 crore referring to share warrants. This financial investment was anticipated to lift OPaL to a subsidiary of ONGC, with the latter having a 95.69% equity concern.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Fresh All-Time High, All 50 Shares Enclose Green.
Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro web content creation unit capitalizes on the substantial Benzinga Community, consisting of native records, APIs, and more to make extensive and also timely tales for you.Learn more.
Do not overlook a beat on the share market. Receive real-time updates ahead supply movers and investing tips on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga performs certainly not give expenditure insight. All civil liberties reserved.