.Oil and also Natural Gas Corporation (ONGC) has raised its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Debentures (CCDs).
What Happened: The news was actually helped make by ONGC on Thursday night. The company's board had actually permitted the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches coming from financial institutions, banks, stock funds, and various other owners. The sale of these CCDs into equity reveals resulted in the quantity of 61,070 lakh equity reveals to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore specifically) amounting to 6,107 crore brought about the boost in ONGC's risk in OPaL from 81.28% to 91.16%.
Observe Additionally: Tata Power, Tata Motors To Establish 200 EV Charging Stations In 5 City Cities.
" Upon issue of 61,070 lakh shares, the shareholding of the Provider in OPaL improved from 81.28% to 91.16% equity allotments," the company said in its own formal communication.
Last month, ONGC protected commendation coming from the Government of India to put in 18,365 crore right into OPaL. This accredited financial investment consisted of an extra equity funding mixture of as much as 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium payment of 86 crore concerning share warrants. This financial investment was expected to boost OPaL to a subsidiary of ONGC, with the second having a 95.69% equity risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Clean All-Time High, All Of fifty Stocks Approach Veggie.
Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro content generation device exploits the substantial Benzinga Environment, consisting of indigenous data, APIs, and more to produce comprehensive as well as well-timed tales for you.Discover more.
Do not overlook a beat on the share market. Obtain real-time updates on top sell agents and also exchanging tips on Benzinga India Telegram stations. u00a9 2024 Benzinga.com. Benzinga does not offer assets recommendations. All civil rights booked.