Orient Green Power, a subsidiary of engineering firm Shriram EPC, plans to tap the capital market for raising funds to finance its expansion projects and has filed a prospectus with SEBI for its initial public offer.
Orient Green Power has filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India (SEBI) for its proposed IPO, Shriram EPC said in a filing today to the National Stock Exchange.
Orient Green Power Ltd (OGPL) is engaged in electricity generation from renewable sources and has a portfolio of about 196 MW, comprising 156 MW from wind and 40 MW from biomass.
"The company aims to expand this portfolio to 1,000 MW in two years, for which it seeks funds," it said.
The company, however, did not state the amount it wants to raise through the IPO.
The bankers to the issue are JM Financial, Goldman Sachs and UBS Securities.
Shriram EPC holds a 35.8 per cent stake in Orient Green Power. The remaining stake in the firm is held by two private equity firms - Bessemer Venture Partners and Olympus Capital.
The public issue "consists of a fresh issue of shares and the holding of the current shareholders will be reduced to that extent," the company added.
Shares of Shriram EPC were quoted at Rs 279.90, up 3.02 per cent, in afternoon trade on the NSE.
