Orient Green Power to divest at least 26% in arm

Orient Green Power Company today said it will divest at least 26 per cent equity in the wholly-owned subsidiary, Gayatri Green Power Pvt.
"The investment & borrowing committee of the Board has approved to divest not less than 26 per cent of the equity shares held in the wholly-owned subsidiary Gayatri Green Power Pvt Ltd," it said today in a BSE filing.
It further said: "The above said 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 per cent of the shareholding in that subsidiary by group captive consumers of power."

In May this year, Orient Green Power had said it will raise Rs 500 crore through issue of bonds to investors, including FIIs, Indian financial institutions and qualified institutional buyers.