Orient Green Power plans Rs 250 crore rights issue for fundraising

BNE News Desk

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New Delhi: Orient Green Power Company plans to raise upto Rs 250 crore through the issue of equity rights to its existing shareholders, reports said on Monday.

The Orient Green Power Company is proposing to issue equity shares with a face value of Rs 10 apiece to its current equity shareholders for an aggregate amount not exceeding Rs 25,000 lakh (Rs 250 crore) on a rights basis, according to a BSE filing on Saturday.

As per reports, Sumedha Fiscal Services Ltd and Saffron Capital Advisors Pvt Ltd, the issue's lead managers, stated that the business had not revealed the rights issue ratio, share price, or record date, citing a draft letter of offer (DLOF) dated May 17, 2024.

In a rights issue, a firm encourages its shareholders to purchase additional shares at a discount. Shareholders are granted the ability to purchase shares at a cheaper price than the market rate, allowing the company to obtain capital without attracting new investors.

The company, an independent power generator that employs renewable sources such as wind energy, has requested public feedback on the offer.

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BNE News Desk