(FE)
Oil and Natural Gas Corporation (ONGC) said that it has received the government approval to invest more capital into ONGC Petro additions Limited (OPaL). The investment will include infusion of additional equity capital upto Rs 10,501 crore in ONGC Petro additions Limited (OPaL), which will take ONGC’s stake in its subsidiary to 95.69 per cent. The company received the approval from the Ministry of Petroleum & Natural Gas, Govt. of India (GoI) on August 9, 2024.
“It is informed that the company has received a letter dated 09.08.2024 from Ministry of Petroleum & Natural Gas, Govt. of India (GoI), inter-alia, conveying approval of the GoI for infusion of additional equity capital upto Rs 10,501 crore in ONGC Petro additions Limited (OPaL), conversion of back stopped Compulsorily Convertible Debentures (CCDs) amounting to Rs 7,778 crore and balance payment of Rs 86 crore with respect to share warrants, totalling to Rs 18,365 crore,” it said in a regulatory filing.
