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Orient Green Power Co Ltd (OGPL) has raised Rs 250 crore from existing promoter Shriram Venture Ltd (SVL) and its subsidiaries and financial investors, including EW Special Opportunities Fund II and Ecap Equities, through preferential allotment.
Equirus Capital acted as exclusive advisor to OGPL and Shriram Group for raising funds, while Nishith Desai was the legal advisor.
“The investment is a strong vote of confidence by the promoters and investors in the business and management of OGPL. It will allow the company to achieve substantial growth and propel itself to being amongst the biggest renewable energy companies in India," said Ajay Garg, Managing Director of Equirus Capital.
Shriram Group has invested Rs 550 crore in the last five years (through preferential allotments, open offers and secondary purchases) including this transaction.
"The investment will enable the company to augment its wind energy capacity and to reduce its interest outgo and outstanding debt. The improved cash flows will strengthen the financial position thereby enabling OGPL to better capture the significant growth opportunities in the renewable energy space," S Venkatachalam, Managing Director, OGPL, said
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