ONGC Acquires Additional 9.88% Stake in OPaL Through Buy-Back of CCDs
Sep 12 2024 | 5 days ago
The Board of Directors of Oil and Natural Gas Corporation Ltd (ONGC) approved the buy-back of Compulsorily Convertible Debentures (CCDs) issued by ONGC Petro additions Limited (OPaL) worth ₹7,778 crore in three tranches from Financial Institutions, Banks, Mutual Funds, and other holders. OPaL allotted 61,070 lakh equity shares worth €10/- each to ONGC on 12th September 2024 against conversion of ₹5,615 crore and ₹492 crore (I & III tranches). Following the issuance of 61,070 lakh shares, ONGC's shareholding in OPaL increased from 81.28% to 91.16% equity shares.
ONGC acquires an additional 9.88% stake in OPaL through buy-back of CCDs worth ₹7,778 crore.
OPaL allotted 61,070 lakh equity shares worth €10/- each to ONGC against conversion of ₹5,615 crore and ₹492 crore (I & III tranches).
Following the issuance of shares, ONGC's shareholding in OPaL increased from 81.28% to 91.16% equity shares.