.Oil as well as Gas Company (ONGC) has boosted its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, following the transformation of Compulsorily Convertible Debentures (CCDs).
What Occurred: The news was actually created through ONGC on Thursday evening. The company's panel had permitted the buy-back of CCDs given out by OPaL worth 7,778 crore in three tranches from financial institutions, financial institutions, mutual funds, and various other owners. The conversion of these CCDs in to equity reveals led to the allotment of 61,070 lakh equity allotments to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore triggered the rise in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon issuance of 61,070 lakh shares, the shareholding of the Business in OPaL improved coming from 81.28% to 91.16% equity portions," the company stated in its main communication.
Last month, ONGC gotten approval from the Government of India to put in 18,365 crore into OPaL. This allowed expenditure included an additional equity funding mixture of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and an equilibrium remittance of 86 crore pertaining to discuss warrants. This investment was assumed to boost OPaL to a subsidiary of ONGC, with the second possessing a 95.69% equity stake.
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