The board of directors of Oil & Natural Gas Corp. approved on Thursday a buyback of Rs 7,778 crore of compulsorily convertible debentures issued by OPaL.
The buyback will take place in three tranches from financial institutions, banks, mutual funds, and other holders. The CCDs will be converted into equity shares, according to an exchange filing by ONGC on Thursday.
OPaL issued equity shares worth Rs 6,107 crore to the company as part of the conversion covering two tranches of CCDs. It issued 61,070 lakh shares at Rs 10 apiece to the PSU, ONGC said.
After obtaining the shares, the state-owned petroleum major's stake in OPaL will rise from 81.28% to 91.16%, according to the filing.
Shares of ONGC closed 3.07% higher at Rs 294 apiece on the BSE, compared to a 1.77% advance in the benchmark Sensex. The stock has risen 62.55% in the last 12 months and 43.4% on a year-to-date basis.
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