.Oil and Natural Gas Organization (ONGC) has actually enhanced its shareholding in ONGC Petro enhancements Limited (OPaL) to 91.16%, complying with the transformation of Compulsorily Convertible Debentures (CCDs).
What Took place: The statement was produced by ONGC on Thursday evening. The firm's panel had approved the buy-back of CCDs issued by OPaL worth 7,778 crore in three tranches coming from financial institutions, banking companies, stock funds, as well as other holders. The sale of these CCDs in to equity portions resulted in the allotment of 61,070 lakh equity reveals to ONGC.
The conversion of pair of tranches of CCDs (I & III tranches of 5,615 crore and 492 crore specifically) amounting to 6,107 crore triggered the increase in ONGC's concern in OPaL from 81.28% to 91.16%.
Observe Also: Tata Power, Tata Motors To Put Together 200 EV Charging Places In 5 City Cities.
" Upon issue of 61,070 lakh reveals, the shareholding of the Firm in OPaL raised from 81.28% to 91.16% equity reveals," the provider said in its own main interaction.
Final month, ONGC secured commendation from the Authorities of India to invest 18,365 crore into OPaL. This allowed financial investment included an added equity resources infusion of around 10,501 crore, sale of CCDs worth 7,778 crore, as well as an equilibrium settlement of 86 crore concerning share warrants. This assets was expected to increase OPaL to a subsidiary of ONGC, with the latter owning a 95.69% capital stake.
Read Next: Hindalco, Bharti Airtel Lead Nifty fifty To Fresh All-Time High, All Of fifty Equities Close In Environment-friendly.
Engineered by Benzinga Neuro, Edited through.Utkarsh Roshan.
The GPT-4-based Benzinga Neuro information creation body capitalizes on the extensive Benzinga Ecological community, including indigenous information, APIs, as well as more to generate comprehensive and quick accounts for you.Discover more.
Do not skip a beat on the reveal market. Receive real-time updates on the top sell movers as well as trading tips on Benzinga India Telegram stations. u00a9 2024 Benzinga.com. Benzinga performs not supply investment advise. All legal rights scheduled.