Orient Green Power Rights Issue will open for subscription from 27 August 2024. Through this rights issue, the company aims for an issue size of ₹250.00 Crores.
About the company
Orient Green Power, an Indian company specializing in renewable energy, is dedicated to the development, ownership, and operation of green power plants. With its current focus on wind energy, the company is looking to broaden its scope by investing in solar energy and hybrid models that combine wind and solar power.
As of 31 December 2023, Orient Green Power has an aggregate installed capacity of 402.3 megawatts. The company serves 45 customers, predominantly from the commercial and industrial sectors, with only two customers being state-owned utilities. As of 31 March 2024, Orient Green Power employed a total of 129 people, including its managing directors.
Objectives of the Issue
- To invest/ infuse funds in a newly incorporated wholly owned subsidiary namely Delta Renewable Energy Private Limited (Delta) for developing the 19.8 MW Solar Power Project in Tamil Nadu (the Phase-1 Power Project);
- Repayment/Pre-payment of unsecured loan availed by the company from Gamma Green Power Private Limited (GGPPL, one of the subsidiaries of the Company) & Clarion Wind Farm Private Limited (CWFPL, one of the step-down subsidiaries of the company);
- To lend fresh loans to GGPPL and CWFPL to facilitate them to repay/pre-pay in full or part of unsecured loans availed by them from SVL limited, one of the Corporate Promoters of the Company;
- Part-payment of security deposits towards contractual lease commitments of Beta Wind Farm Private Limited (BWFPL) one of the subsidiaries of the Company and;
- General Corporate Purposes
Orient Green Power Rights Issue Timetable
| Rights Issue Approval Date | 6 August 2024 |
| Rights Issue Record Date | 13 August 2024 |
| Credit of Rights Entitlement | Coming soon |
| Rights Issue Opening Date | 27 August 2024 |
| Last Date for Market Renunciation | 9 September 2024 |
| Rights Issue Closing Date | 13 September 2024 |
| Finalization of Basis of Allotment | 19 September 2024 |
| Rights Allotment Date | 19 September 2024 |
| Credit Date | 24 September 2024 |
| Listing Date | 27 September 2024 |
Orient Green Power Rights Issue Details
| Issue Open | August 27, 2024 – September 13, 2024 |
| Security Name | Orient Green Power Company Ltd. |
| Issue Size (Shares) | 192,307,692 |
| Issue Size (Amount) | ₹250.00 Crores |
| Issue Price | ₹13 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
| Terms of Payment | All money payable at the time of Application. |
| Entitlement | 10 Rights Equity Share(s) for every 51 fully paid-up Equity Shares held on Record Date |
Company Financials
| FY 2022 | FY 2023 | FY 2024 | |
| Revenue | 310.63 | 258.31 | 270.98 |
| Expenses | 296.99 | 278.45 | 246.85 |
| Operating Margin (%) | 72.0 | 66.0 | 66.0 |
| Net Income | 35.78 | 33.43 | 38.40 |
| ROCE (%) | 8.0 | 7.0 | 7.0 |
Orient Green Power Rights Issue Documents
- Orient Green Power Rights Issue Application Form
- Orient Green Power Letter of Offer
- Board Meeting Outcome
Lead Manager(s)
SAFFRON CAPITAL ADVISORS PRIVATE LIMITED
605, SiXlh Floor, Centre Pont, Andheri-Kura Road,
J. B. Nagar, Andheri (East), Mumbai – 4 00 059, Maharashtra
Phone: +91 22 49730394
Email: rights.issue@saffronadvisor.com
Website: www.saffronadvisor.com
SUMEDHA FISCAL SERVICES LIMITED
6A Geetanjali, 6th Floor,
8B Middleton Street, Kolkata – 700071
Tel: +91 332 229 8936 / 6813 5900
E-mail: rightsissue_mb@sumedhafiscal.com
Website: www.sumedhafiscal.com
Orient Green Power Registrar
CAMEO CORPORATE SERVICES LIMITED
Subramanian Building, 1,
Club House Road, Chennai-600002
Telephone: +91 44 4002 0700/ 2846 0390
Email: rights@cameoindia.com
Website: www.cameoindia.com
Company Contact Information
ORIENT GREEN POWER COMPANY LIMITED
Bascon Futura SV, 4th Floor, No.10/1, Venkata Narayana Road,
T. Nagar, Chennai – 600 017, Tamil Nadu, India
Phone: +91 444 901 5678
E-mail: complianceofficer@orientgreenpower.com
Website: www.orientgreenpower.com
Final Thoughts
Applying for the rights issue is purely a personal choice. Make sure you conduct a detailed study of the company and its rights issues before you make an investment decision.
Happy investing
