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Orient Green Power will see a change in promoters, the company informed the exchanges on Wednesday.
Orient Green Power Singapore (OGPPL), a company belonging to the promoter group of Chennai-based Orient Green Power Company, on Wednesday entered into a scheme of compromise and arrangement, with Shriram EPC (Singapore) and Shriram Ventures, Singapore.
Accordingly, the shares held by OGPPL in the equity share capital of Orient Green Power Company would be distributed proportionately to the shareholders of OGPPL.
The scheme of arrangement has been approved by the High Court of the Republic of Singapore. OGPPL has been a promoter of Orient Green Power since 2010 and currently holds 34.91 per cent stake. Shriram EPC (Singapore) PTE Ltd holds 37.7 per cent in the equity share capital of OGPPL.
The entire equity share capital of Shriram EPC (Singapore) is held by SVL, the Indian promoter group company. The other equity shareholders of OGPPL, who are financial investors, are Bessemer India Capital OGPL (BVP) with 37.7 per cent and AEP Green Power (AEP) with 24.6 per cent.
Promoter holding
Following the distribution of shares, SVL, BVP and AEP will hold 34.95 per cent, 13.16 per cent and 8.59 per cent, respectively, in Orient Green Power. The total promoter shareholding in the equity share capital of the company would be 48.73 per cent thereafter, the company statement added. As of end-March, the total promoter holding in Orient Green Power stood at 70.42 per cent.
The public shareholders include Edelweiss Special Opportunities Fund (1.62 per cent), Olympus India Holdings (1.60 per cent), LIC of India (2.65 per cent), IDBI Bank (1.13 per cent) and SREI Infrastructure Finance Fund (1.46 per cent).
Small retail investors hold 4.34 per cent, while high net worth individuals (categorised as individual share capital in excess of ₹2 lakh) have exposure to the tune of 10.16 per cent.
On Wednesday, the stock of Orient Green Power slipped 0.65 per cent at ₹7.6 on the NSE.
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