State-owned Oil and Natural Gas Corporation (ONGC) on Monday (February 24) said it has approved an investment of ₹1,200 crore in its wholly owned subsidiary, ONGC Green Ltd (OGL), through a Rights Offer of equity shares. The decision was taken at the company’s Board meeting on February 24, 2025.

“In continuation of our filing dated 05.03.2024, the Company shall make an investment in ONGC Green Limited (OGL) by infusing ₹1,200 Crore (Rupees One-Thousand Two Hundred Crore) by way of subscription to the Rights Offer of equity shares issued by OGL,” ONGC said in a regulatory filing.

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The funds will be utilised by OGL for the acquisition of a 100% equity stake in PTC Energy Limited, as per the Share Purchase Agreement signed on September 13, 2024. Additionally, ONGC’s Board has approved the replacement of a ₹75 crore corporate guarantee on behalf of OGL for PTC Energy Limited.

“In continuation of our filing dated 13.09.2024, w.r.t signing of Share Purchase Agreement for the acquisition of 100% equity stake of PTC Energy Limited, it is hereby informed that OGL shall utilise the Rights Equity Share capital proceeds for investments in acquisition of 100% Equity stake of PTC Energy Limited,” ONGC added.

Shares of Oil and Natural Gas Corporation Ltd ended at ₹234.35, down by ₹5.55, or 2.31% on the BSE.

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