Oil and Natural Gas Corporation (ONGC) will infuse about Rs 15,000 crore in ONGC Petro additions Ltd (OpaL) as part of a financial restructuring exercise that will see GAIL’s exit from the OPa. ONGC will convert share warrants into equity, buy-back debentures and invest Rs 7,000 crore more equity, which will give it about 95 per cent stake, the company said in a stock exchange filing. The proposal approved includes “conversion of share warrants issued by OPaL and subscribed by ONGC into equity shares upon payment of final call money of Rs 86.281 crore at the rate of Rs 0.25 per warrant,” it said. OPaL is a joint venture of ONGC, GAIL (India) Ltd. and GSPC with present shareholding of 49.36%, 49.21% and 1.43% respectively. OPaL was incorporated on 15th November 2006 as a mega – grass root petrochemical complex consists of a global scale dual feed cracker with downstream polymer units as an integration-cum-value addition project utilizing ONGC’s Naphtha str...