IPO of Indian renewable energy-based power generation company Orient Green Power Company subscribed 1.07 times
Public issue of Indian renewable energy-based power generation company Orient Green Power Company (OGPL) has received mild reponse from investors. It has subscribed just 1.07 times, as per NSE website.
Major bids have been received at Rs 47, at lower end of price band of Rs 47-55 a share. Qualified institutional investors' reserved portion was subscribed 2.09 times till Thursday.
Orient Green aims to raise Rs 900 crore from public issue. A promoter Shriram EPC holds 35.8% stake in Orient Green Power. The remaining stake in the company is held by two private equity firms - Bessemer Venture Partners and Olympus Capital.
The issue proceeds will be used for the construction and development of four biomass projects of 37.5 MW; for funding subsidiaries, Orient Green Power Company (Rajasthan) for undertaking 8 MW biomass power project in Kishanganj, Rajasthan and Beta Wind Farms Private Limited (BWFPL) for undertaking 300 MW wind project in Tamil Nadu; and funding for subsidiaries BWFPL, PSR Green Power Company and Shriram Non-Conventional Energy for repayment of existing debt.