.Oil and Natural Gas Corporation (ONGC) has raised its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Bonds (CCDs).
What Occurred: The statement was created through ONGC on Thursday evening. The provider's board had authorized the buy-back of CCDs given out through OPaL worth 7,778 crore in three tranches coming from banks, banking companies, investment funds, as well as other holders. The transformation of these CCDs in to equity allotments led to 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 respectively) totaling up to 6,107 crore led to the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
See Likewise: Tata Electrical Power, Tata Motors To Establish 200 EV Charging Stations In 5 Metro Cities.
" Upon issue of 61,070 lakh portions, the shareholding of the Provider in OPaL enhanced coming from 81.28% to 91.16% equity portions," the provider stated in its own main interaction.
Last month, ONGC secured approval coming from the Federal government of India to put in 18,365 crore in to OPaL. This sanctioned assets included an additional equity resources infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and a balance payment of 86 crore referring to discuss warrants. This investment was actually expected to increase OPaL to a subsidiary of ONGC, with the last having a 95.69% equity risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Clean All-Time High, All fifty Shares Close In Veggie.
Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro web content creation body manipulates the extensive Benzinga Environment, including native information, APIs, and even more to develop thorough as well as well-timed tales for you.Learn more.
Don't overlook a beat on the share market. Obtain real-time updates ahead sell moving companies and investing concepts on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga performs certainly not offer expenditure advise. All civil rights scheduled.