Orient Green Power Company Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015'.
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Awaiting price reaction for this filing.
Orient Green Power Company Limited has been allotted 21,58,710 equity shares of Rs. 10 each (totalling Rs. 2.16 crores) by its subsidiary Delta Renewable Energy Private Limited (DELTA) on a preferential basis. DELTA simultaneously allotted 9,29,447 shares to other investors, reducing Orient Green's holding in DELTA from 100% to 70%. DELTA, incorporated in November 2023, is yet to commence operations and was set up by Orient Green to develop solar power capacity. The transaction is a related party deal conducted at arm's length, and Orient Green continues to retain control of DELTA as its subsidiary.
This is a relatively small capital infusion (Rs. 2.16 crores) at the subsidiary level and does not materially change Orient Green's control over DELTA. For shareholders, the key takeaway is that the company is bringing in external investors to fund its solar project pipeline, but the limited size suggests minimal near-term impact on the listed entity's stock price.