.Oil and Natural Gas Enterprise (ONGC) has raised its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, observing the transformation of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was helped make by ONGC on Thursday evening. The business's board had approved the buy-back of CCDs released through OPaL worth 7,778 crore in 3 tranches from banks, banking companies, investment funds, and also other holders. The sale of these CCDs into equity reveals resulted in the allocation of 61,070 lakh equity allotments to ONGC.
The conversion of two tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore caused the increase in ONGC's stake in OPaL coming from 81.28% to 91.16%.
See Additionally: Tata Electrical Power, Tata Motors To Set Up 200 EV Charging Stations In 5 Local Area Cities.
" Upon issuance of 61,070 lakh allotments, the shareholding of the Company in OPaL increased coming from 81.28% to 91.16% equity reveals," the provider explained in its own official communication.
Last month, ONGC secured approval coming from the Authorities of India to spend 18,365 crore in to OPaL. This accredited expenditure featured an extra equity funding mixture of approximately 10,501 crore, transformation of CCDs worth 7,778 crore, and a balance settlement of 86 crore referring to share warrants. This expenditure was actually assumed to lift OPaL to a subsidiary of ONGC, with the second owning a 95.69% equity risk.
Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Fresh All-Time High, All 50 Equities Approach Environment-friendly.
Engineered by Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information generation system exploits the significant Benzinga Environment, including indigenous records, APIs, and additional to create extensive and also well-timed tales for you.Learn more.
Do not miss a beat on the allotment market. Get real-time updates ahead stock movers and also trading concepts on Benzinga India Telegram channel. u00a9 2024 Benzinga.com. Benzinga carries out not give assets tips. All liberties booked.