Orient Green Power Company has rallied almost 10% to Rs 14.35 after Shriram Group, the promoter group has announced an open offer to buy 26% stake in the company at a price of Rs 15 per share.
“Shriram Industrial Holdings Private Limited (the acquirer) and Orient Green Power Pte. Ltd. and Shriram Venture, in their capacity as persons acting in concert with the acquirer have made the public announcement to the shareholders of Orient Green Power for acquisition of up to 147.7 million equity shares,” Orient Green Power a BSE notification said.
Meanwhile, the board of directors of the company approved the allotment of 100 million equity shares at a price of Rs 15 per share to Shriram Industrial Holdings Private Limited on preferential basis.
The stock opened at Rs 13.25 and hit a high of Rs 14.45 on NSE. As many a combined 5.58 million shares have already changed hands on the counter till early noon deals against an average less than one million shares that were traded daily in past two weeks on NSE and BSE.
“Shriram Industrial Holdings Private Limited (the acquirer) and Orient Green Power Pte. Ltd. and Shriram Venture, in their capacity as persons acting in concert with the acquirer have made the public announcement to the shareholders of Orient Green Power for acquisition of up to 147.7 million equity shares,” Orient Green Power a BSE notification said.
Meanwhile, the board of directors of the company approved the allotment of 100 million equity shares at a price of Rs 15 per share to Shriram Industrial Holdings Private Limited on preferential basis.
The stock opened at Rs 13.25 and hit a high of Rs 14.45 on NSE. As many a combined 5.58 million shares have already changed hands on the counter till early noon deals against an average less than one million shares that were traded daily in past two weeks on NSE and BSE.
