Orient Green Power plans to raise up to Rs 250 crore via rights issue

Orient Green Power Company plans to raise up to Rs 250 crore through issue of equity rights to its existing shareholders.

The issue of equity shares with face value of Rs 10 each of the Orient Green Power Company is proposed for an aggregate amount not exceeding Rs 25,000 lakh (Rs 250 crore) on a rights basis to the existing equity shareholders of the company, a BSE filing on Saturday showed.

The company has not disclosed the rights issue ratio, price of each share and the record date, said Sumedha Fiscal Services Ltd and Saffron Capital Advisors Pvt Ltd, the lead managers to the issue, citing the draft letter of offer (DLOF) dated May 17, 2024.
 

Under the rights issue, a company invites its shareholders to buy additional shares at a discount. Shareholders get rights to purchase shares at lower than the market rate, helping the company raise funds without bringing in new investors.

The company, an independent power producer that uses renewable sources like wind energy, has sought public comments on the offer.