.Oil and also Natural Gas Company (ONGC) has actually increased its own shareholding in ONGC Petro additions Limited (OPaL) to 91.16%, adhering to the transformation of Compulsorily Convertible Debentures (CCDs).
What Took place: The news was made by ONGC on Thursday night. The business's board had authorized the buy-back of CCDs given out by OPaL worth 7,778 crore in 3 tranches from financial institutions, financial institutions, investment funds, and other owners. The conversion of these CCDs in to equity allotments resulted in the allocation of 61,070 lakh equity portions to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore resulted in the boost in ONGC's risk in OPaL coming from 81.28% to 91.16%.
Find Likewise: Tata Electrical Power, Tata Motors To Put Together 200 EV Billing Places In 5 City Cities.
" Upon issuance of 61,070 lakh shares, the shareholding of the Provider in OPaL improved from 81.28% to 91.16% equity shares," the business specified in its main communication.
Final month, ONGC gotten commendation from the Federal government of India to commit 18,365 crore in to OPaL. This allowed financial investment consisted of an added equity capital infusion of as much as 10,501 crore, sale of CCDs worth 7,778 crore, as well as a balance settlement of 86 crore concerning share warrants. This financial investment was actually assumed to elevate OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity concern.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To New All-Time High, All Of 50 Assets Enclose Eco-friendly.
Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro web content creation unit exploits the extensive Benzinga Community, including indigenous data, APIs, and more to develop comprehensive and well-timed accounts for you.Find out more.
Do not overlook a beat on the allotment market. Get real-time updates on top stock movers and also trading concepts on Benzinga India Telegram stations. u00a9 2024 Benzinga.com. Benzinga performs not supply financial investment insight. All civil rights set aside.