Orient Green Power vaults after disinvesting eight biomass subsidiaries

Orient Green Power Company was locked at 20% upper circuit at Rs 13.28 at 14:53 IST on BSE after the company said that it disinvested eight biomass subsidiaries to the subsidiary of a promoter company.

The announcement was made after market hours yesterday, 2 January 2018.

Meanwhile, the S&P BSE Sensex was down 25.04 points, or 0.07% to 33,787.22. The S&P BSE Small-Cap index was up 144.11 points, or 0.75% to 19,302.35, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 35.06 lakh shares were traded in the counter so far, compared with average daily volumes of 4.41 lakh shares in the past one quarter. The stock was locked at a high of Rs 13.28 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 11.60 so far during the day. The stock had hit a 52-week low of Rs 7.90 on 23 June 2017.

Orient Green Power Company said that it has disinvested eight biomass subsidiaries to Janati Bio Power, subsidiary of SVL, which is a promoter company with effect from 31 December 2017.

The total consideration received from such sale is Rs 49 crore. The transaction is a related party transaction at arm's length basis.

Orient Green Power Company is an independent operator and developer of renewable energy power plants in India. Currently, its portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.

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