.Oil and also Gas Organization (ONGC) has raised its shareholding in ONGC Petro add-ons Minimal (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was made by ONGC on Thursday night. The company's board had actually authorized the buy-back of CCDs provided by OPaL worth 7,778 crore in three tranches from banks, financial institutions, stock funds, as well as various other holders. The transformation of these CCDs into equity reveals led to the part of 61,070 lakh equity allotments to ONGC.
The transformation of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) totaling up to 6,107 crore triggered the boost in ONGC's stake in OPaL coming from 81.28% to 91.16%.
See Likewise: Tata Energy, Tata Motors To Establish 200 EV Charging Stations In 5 Metro Cities.
" Upon issuance of 61,070 lakh portions, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity portions," the provider mentioned in its own formal communication.
Final month, ONGC secured commendation from the Federal government of India to put in 18,365 crore right into OPaL. This sanctioned financial investment included an additional equity funding infusion of approximately 10,501 crore, sale of CCDs worth 7,778 crore, and a balance settlement of 86 crore concerning discuss warrants. This financial investment was expected to boost OPaL to a subsidiary of ONGC, with the latter having a 95.69% capital stake.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Fresh All-Time High, All fifty Shares Close In Environment-friendly.
Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information generation device manipulates the significant Benzinga Environment, featuring native information, APIs, as well as even more to make extensive as well as quick tales for you.Find out more.
Don't skip a beat on the share market. Obtain real-time updates on top stock moving companies as well as investing suggestions on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga does certainly not provide expenditure advice. All rights booked.