Orient Green Power Company Ltd today received its Board's approval for raising Rs 250 crore through preferential issuance of shares.
"The Board of Directors, at its August 19 meeting, has approved raising Rs 250 crore by way of equity shares on a preferential basis," the company said in a regulatory filing.
The existing promoter -- SVL Ltd, formerly known as Shriram Industrial Holdings Ltd -- and/or its subsidiaries will subscribe to shares equivalent to Rs 150 crore, it added.
Further, EW Special Opportunities Fund II Pte Ltd, Ecap Equities Ltd, and investors represented through Forefront Capital Management Pvt Ltd would be subscribing to shares worth Rs 100 crore.
Orient Green Power is the largest independent operator and developer of renewable energy power plants in the country, based on aggregate installed capacity.
Currently, the company's portfolio includes biomass, biogas, wind energy and small hydel projects at various stages of development.
As of February 2015, its portfolio of operating projects included 535.23 MW of aggregate installed capacity, which comprises 429.23 MW of wind energy projects and 106 MW of biomass projects.
