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Orient Green Power Ltd (OGPL) has said that the company's shareholding in its subsidiary Pallavi Power & Mines Ltd has dropped to 38.87% as the latter's board has decided to allot more shares to the joint venture partner of OGPL — Shalivahana Green Energy Limited.
In a filing with the exchanges today, the company said that the board of directors of Pallavi approved and allotted 2,10,000 equity shares of Rs 100 each to OGPL and 6,42,240 equity shares of Rs 100 each to Shalivahana Green Energy Limited.
Consequent to the allotment of aforesaid shares, the equity holding of OGPL in Pallavi has been reduced from 51% to 38.87%.
"By virtue of reduction in the percentage of OGPL holding by less than 51% in Pallavi, the status of Pallavi will be changed from subsidiary to associate company," it added.
