The proceeds from the rights issue will be used to fund the acquisition of PTC Energy, it added.
On 13 September 2024, ONGC entered into a share purchase agreement with PTC India to acquire a 100% stake in PEL, which operates 288.8 MW of wind power projects across Andhra Pradesh, Madhya Pradesh, and Karnataka.
Additionally, the company’s board has approved the provision of a replacement corporate guarantee of Rs 75 crore on behalf of OGL for the PTC Energy acquisition.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of December 2024.
The company’s standalone net profit fell 16.7% to Rs 8,239.92 crore in Q3 FY25 compared with Rs 9,891.71 crore in Q4 FY24. Revenue from operations declined 3.08% YoY to Rs 33,716.80 crore in Q3 FY25.
Shares of Oil & Natural Gas Corporation shed 0.43% to Rs 233.35 on the BSE.