The equity holding of Orient Green Power in its subsidiary Pallavi Power & Mines has reduced to 38.87 per cent from 51 per cent after allotment of shares to the firm and its joint venture partner Shalivahana Green Energy.
"The Board of Directors of Pallavi Power & Mines Ltd, a subsidiary of Orient Green Power Company Limited (OGPL) 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 Limited (JV Partner)," Orient Green Power Company Ltd has informed BSE today.
According to the statement, consequent to the allotment of aforesaid shares, the equity holding of OGPL in Pallavi has been reduced from 51 per cent to 38.87 per cent.
By virtue of reduction in the percentage of OGPL holding by less than 51 per cent in Pallavi, the status of Pallavi will be changed from subsidiary to associate company, it added.
