Centre To Infuse Additional Rs 10,501 Crore Into ONGC Petro Additions

The board of directors of Oil and Natural Gas Corp. has approved the Government of India's decision to infuse an additional Rs 10,501 crore in ONGC Petro Additions Ltd.

This includes compulsorily convertible debentures at Rs 7,778 crore and a remaining payment of Rs 86 crore for share warrants, amounting to a total of Rs 18,365 crore, according to an exchange filing on Wednesday.

The infusion of Rs 10,501 crore in OPaL will be carried out in one or more tranches.

Also, the board of directors has approved the appointment of Arunangshu Sarkar, director (strategy and corporate affairs), as a key managerial personnel of the company, the filing said.

Shares of ONGC closed 0.30% lower at Rs 298.55 apiece, compared to a 0.25% rise in the benchmark Nifty 50. The stock had risen 61.02% in the last 12 months and 45.67% year-to-date. The relative strength index was 45.58.

Out of 28 analysts tracking the company, 18 maintain a 'buy', four suggest a 'hold' and six recommend a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 11.6%.