.Oil and Natural Gas Firm (ONGC) has enhanced its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Bonds (CCDs). What Occurred: The announcement was actually helped make by ONGC on Thursday night. The company’s board had accepted the buy-back of CCDs issued through OPaL worth 7,778 crore in 3 tranches from financial institutions, banks, mutual funds, as well as other owners.
The transformation of these CCDs in to equity shares resulted in the quantity of 61,070 lakh equity portions to ONGC. The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and also 492 crore respectively) totaling up to 6,107 crore led to the boost in ONGC’s stake in OPaL from 81.28% to 91.16%. Observe Also: Tata Power, Tata Motors To Establish 200 EV Demanding Stations In 5 Metro Cities.
” Upon issuance of 61,070 lakh reveals, the shareholding of the Firm in OPaL enhanced coming from 81.28% to 91.16% equity portions,” the firm specified in its main interaction. Last month, ONGC secured approval coming from the Government of India to put in 18,365 crore into OPaL. This allowed expenditure featured an extra equity resources mixture of around 10,501 crore, conversion of CCDs worth 7,778 crore, and also an equilibrium settlement of 86 crore referring to discuss warrants.
This investment was expected to raise OPaL to a subsidiary of ONGC, with the last owning a 95.69% equity stake. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Clean All-Time High, All Of 50 Stocks Approach Veggie. Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro web content generation system makes use of the comprehensive Benzinga Ecosystem, including indigenous information, APIs, and additional to make complete and prompt tales for you.Learn more. Do not skip a beat on the portion market. Get real-time updates on the top inventory agents as well as trading ideas on Benzinga India Telegram stations.
u00a9 2024 Benzinga.com. Benzinga does not supply investment advice. All civil liberties set aside.