Orient Green Power jumps on plans to divest stake in subsidiary

Orient Green Power Company jumped 5.14% to Rs 14.92 at 12:32 IST on BSE after the company approved divestment of atleast 26% stake in wholly owned subsidiary Gayatri Green Power.

The announcement was made on Saturday, 18 July 2015.

Meanwhile, the S&P BSE Sensex was down 110.37 points, or 0.39%, to 28,352.94

On BSE, so far 1.57 lakh shares were traded in the counter, compared with an average volume of 51,817 shares in the past one quarter.

The stock hit a high of Rs 15.33 and a low of Rs 14.71 so far during the day. The stock hit a 52-week high of Rs 20.10 on 20 January 2015. The stock hit a 52-week low of Rs 8.01 on 30 December 2011.

The small-cap stock has an equity capital of Rs 568.08 crore. Face value per share is Rs 10.

Orient Green Power Company said that the Investment & Borrowing Committee of the Board has approved to divest not less than 26% of the shares held in the wholly owned subsidiary Gayatri Green Power. The disinvestment is necessitated due to the decision taken to shift to Group Captive Model by the subsidiary which entails participation of not less than 26% of the shareholding in that subsidiary by the Group Captive consumers of power, Orient Green Power Company said.

On a consolidated basis, Orient Green Power Company reported net loss of Rs 110.99 crore in Q4 March 2015 compared with net loss of Rs 92.42 in Q4 March 2014. Total income dropped 12.3% to Rs 91.56 crore in Q4 March 2015 over Q4 March 2014.

Orient Green Power Company is promoted by Shriram EPC with investments from Bessemer Venture Partners of US and Olympus Capital Holdings Singapore for the creation and ownership of renewable energy assets in India and overseas.

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