The Board of Oil & Natural Gas Corpn at its meeting held on 06 October 2023 has approved for:
a. extension of back stopping support to investors for Compulsorily Convertible Debentures (CCDs) of Rs.5,615 crore issued by ONGC Petro additions (OPaL), a joint venture of the Company; and
b. providing Letter of Comfort (LOC) for raising additional debt by OPaL up to Rs.5,400 crore subject to approval of shareholders of the Company.
The extension of back stopping shall help OPaL to maintain continuity of CCDs beyond its current maturity period.
The LOC will enable OPaL to raise debt at competitive rates.
OPaL is a Joint Venture of the Company with holding of 49.36%. Other equity shareholders are GAIL (India) and Gujarat State Petroleum Corporation with equity shareholding of 49.21% and 1.43% respectively. |