Orient Green Power disinvests its biomass subsidiaries
Orient Green Power Company Limited has informed the bourses about its policy on disinvestment of the biomass subsidiaries to enhance the value of the shareholders. The board has approved to disinvest its entire holding of 9,18,954 equity shares (aggregating 57.92 per cent) held in Sanjog Sugars and Eco-Power Private Limited (bio-mass subsidiary) in favour of Soorya Eco Power Private Limited.
A share purchase agreement has been by the executed by the company with Soorya Eco Power Private limited. The company had entered into this agreement of sale on June 30, 2016. The completion of sale is expected to get completed by September 30, 2019.
Soorya Eco Power Private limited (buyer) is a company based in Jaipur, Rajasthan. The buyer company does not belong to the promoter or promoter group of the company. Also, this transaction does not fall within related party or arm’s length basis.
The consideration for this transaction includes the outstanding loan of Rs 34.18 crore taken over by the buyer company.
On Friday, the stock Orient Green opened at Rs 4.23. It made intra-day high of Rs 4.24, up by 4.9 per cent from its previous close of Rs 4.04. It closed at Rs 4.24.