Orient Green Power Company Ltd today said its Board has approved raising Rs 250 crore by issuing shares on a preferential basis.
"The Board of Directors at its August 19 meeting has approved raising Rs 250 crore by way of equity shares on a preferential basis," the company said in a regulatory filing.
The existing promoter, SVL Ltd -- formerly known as Shriram Industrial Holdings Ltd -- and/or its subsidiaries will subscribe to shares equivalent to Rs 150 crore, it added.
"Further, EW Special Opportunities Fund II Pte Ltd, Ecap Securities Ltd and Forefront Capital Management Pvt Ltd shall be subscribing to shares equivalent to Rs 100 crore," it said adding that "the above issue is subject to the approval of the shareholders and other regulatory approvals, if any."
Orient Green Power is the largest independent operator and developer of renewable energy power plants in the country based on aggregate installed capacity.
Currently, the company's portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
As of February 2015, its portfolio of operating projects includes 535.23 MW of aggregate installed capacity, which comprises 429.23 MW of wind energy projects and 106 MW of biomass projects.
