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Corporate News
23-Jul-24
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Outcome of Oil & Natural Gas Corpn regarding sustainable capital restructuring of OPaL
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At meeting held on 23 July 2024
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The Board of Oil & Natural Gas Corpn at its meeting held on 23 July 2024 has approved the following:
1. Extension of exercise period for conversion of Share Warrants – I of Rs 1,922 crore (paid-up value ₹1,873.95 crore) issued by ONGC Petro additions (OPaL) up to six (06) months from its conversion date of 24 August 2024.
There is no charge to be paid by the Company for the said extension of exercise period.
2. Extension of back stopping support for Compulsory Convertible Debentures (CCDs) - III of Rs 492 crore issued by OPaL upto six (06) months from its mandatory put option on 28 August 2024.
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