.Oil and also Natural Gas Organization (ONGC) has boosted its own shareholding in ONGC Petro enhancements Restricted (OPaL) to 91.16%, adhering to the conversion of Compulsorily Convertible Debentures (CCDs).
What Occurred: The statement was produced through ONGC on Thursday evening. The business's panel had actually approved the buy-back of CCDs released through OPaL worth 7,778 crore in three tranches from banks, financial institutions, stock funds, and other owners. The conversion of these CCDs into equity shares caused the allocation of 61,070 lakh equity shares to ONGC.
The transformation of pair of tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore resulted in the boost in ONGC's concern in OPaL coming from 81.28% to 91.16%.
View Likewise: Tata Energy, Tata Motors To Put Together 200 EV Asking For Places In 5 Local Area Cities.
" Upon issue of 61,070 lakh shares, the shareholding of the Company in OPaL improved from 81.28% to 91.16% equity reveals," the business said in its own formal interaction.
Last month, ONGC secured approval from the Government of India to put in 18,365 crore into OPaL. This approved financial investment consisted of an additional equity capital mixture of up to 10,501 crore, conversion of CCDs worth 7,778 crore, and a balance settlement of 86 crore concerning share warrants. This investment was actually expected to raise OPaL to a subsidiary of ONGC, along with the last owning a 95.69% capital risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To New All-Time High, All 50 Stocks Close In Environment-friendly.
Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro content production system exploits the extensive Benzinga Environment, including indigenous records, APIs, as well as additional to create complete and also quick tales for you.Find out more.
Don't skip a beat on the reveal market. Obtain real-time updates on the top inventory movers and also trading suggestions on Benzinga India Telegram stations. u00a9 2024 Benzinga.com. Benzinga performs certainly not give financial investment advise. All rights reserved.