Mumbai, Feb. 25 -- The proceeds from the rights issue will be used to fund the acquisition of PTC Energy, it added.

Last year, 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 rel...