.Oil and also Natural Gas Organization (ONGC) has improved its own shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the conversion of Compulsorily Convertible Debentures (CCDs). What Occurred: The statement was actually produced by ONGC on Thursday evening. The company’s panel had approved the buy-back of CCDs issued by OPaL worth 7,778 crore in 3 tranches from financial institutions, banking companies, mutual funds, as well as other holders.
The sale of these CCDs into equity reveals led to the slice of 61,070 lakh equity allotments to ONGC. The sale of two tranches of CCDs (I & III tranches of 5,615 crore as well as 492 crore specifically) amounting to 6,107 crore brought about the increase in ONGC’s concern in OPaL from 81.28% to 91.16%. See Also: Tata Electrical Power, Tata Motors To Put Together 200 EV Billing Stations In 5 Region Cities.
” Upon issuance of 61,070 lakh portions, the shareholding of the Business in OPaL improved coming from 81.28% to 91.16% equity reveals,” the firm said in its main interaction. Final month, ONGC protected approval coming from the Government of India to commit 18,365 crore right into OPaL. This sanctioned expenditure featured an extra equity financing infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, and also an equilibrium payment of 86 crore concerning share warrants.
This expenditure was assumed to boost OPaL to a subsidiary of ONGC, with the second having a 95.69% equity concern. Read Next: Hindalco, Bharti Airtel Lead Nifty 50 To Clean All-Time High, All 50 Equities Close In Green. Engineered through Benzinga Neuro, Edited by.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information generation system capitalizes on the comprehensive Benzinga Ecological community, consisting of indigenous records, APIs, and also even more to develop complete as well as timely accounts for you.Find out more. Don’t miss out on a beat on the allotment market. Receive real-time updates ahead sell agents and also trading tips on Benzinga India Telegram channel.
u00a9 2024 Benzinga.com. Benzinga does not supply assets tips. All liberties set aside.