.Oil and Gas Enterprise (ONGC) has improved its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, following the conversion of Compulsorily Convertible Bonds (CCDs).
What Happened: The news was helped make by ONGC on Thursday night. The business's board had actually accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in three tranches coming from financial institutions, banking companies, stock funds, as well as various other owners. The transformation of these CCDs into equity reveals resulted in the allotment of 61,070 lakh equity portions to ONGC.
The transformation of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore resulted in the rise in ONGC's risk in OPaL coming from 81.28% to 91.16%.
Find Also: Tata Energy, Tata Motors To Put Together 200 EV Billing Stations In 5 Region Cities.
" Upon issuance of 61,070 lakh allotments, the shareholding of the Firm in OPaL raised from 81.28% to 91.16% equity allotments," the firm stated in its own official communication.
Last month, ONGC gotten commendation coming from the Authorities of India to spend 18,365 crore in to OPaL. This sanctioned expenditure included an additional equity funding infusion of as much as 10,501 crore, transformation of CCDs worth 7,778 crore, as well as a harmony repayment of 86 crore concerning share warrants. This investment was anticipated to lift OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Clean All-Time High, All 50 Assets Enclose Eco-friendly.
Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information creation device capitalizes on the significant Benzinga Environment, featuring indigenous data, APIs, and additional to make detailed and quick accounts for you.Discover more.
Do not miss a beat on the reveal market. Receive real-time updates on the top stock moving companies and trading ideas on Benzinga India Telegram network. u00a9 2024 Benzinga.com. Benzinga carries out not supply expenditure recommendations. All liberties reserved.