Orient Green Power Company Ltd has reduced its stake in Pallavi Power and Mines in favour of its joint venture partner Shalivahana Green Energy.
The Chennai-based Orient Green Power, a diversified renewable energy company, informed the BSE that the board of Pallavi Power, its subsidiary, has allotted it 2.10 lakh equity shares of ₹100 each. It has also allocated 6.42 lakh shares of ₹100 each to Shalivahana Green Energy, the joint venture partner.
This brings down Orient Green’s holding in Pallavi Power to 38.87 per cent from 51 per cent previously. Pallavi Power is a special purpose vehicle created for a small hydro power project in Orissa.
Shalivahana Group is a diversified group based in Telangana with investments across a range of renewable energy projects.