Orient Green Power surges on preferential allotment of shares at premium

The board has approved allotment of 2,74,72,527 equity shares of face value Rs 10/ each at a premium of Rs 4.56 per equity share to Forefront Capital Management Private Ltd

Shares of Orient Green Power surged after the allotment committee meeting of the Board of Directors held on September 23, 2015 approved the preferential allotment of shares.

The board has approved preferential allotment of 2,74,72,527 equity shares of face value Rs 10/ each at a premium of Rs 4.56 per equity share to Forefront Capital Management Private Ltd, the company said in a release.

Forefront Capital Management Private Ltd is a SEBI registered portfolio manager, which is 100% subsidiary of Edelweiss Financial Services Ltd, the release added.

The stock opened at Rs 12 and touched a high of Rs 12.32 on the Bombay Stock Exchange. At 12:55PM, over 868,000 shares were traded on both the stock exchanges so far.