Stake holding in Pallavi Power & Mines reduces from 51% to 38.87%
Orient Green Power Company announced that the Board of Directors of Pallavi Power & Mines (Pallavi), a subsidiary of Orient Green Power Company at its Board Meeting 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 (JV Partner). 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.
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