Orient Green Power hits 52-week high on disinvestment of 8 biomass subsidiaries
Shares of Orient Green Power Company touched 52-week high of Rs 12.21, gaining more than 11 percent in the early trade on Wednesday on the divestment of subsidiaries.
The company has disinvested 8 biomass subsidiaries to Janati Bio Power with effect from December 31, 2017.
From the sale consideration, the company has received Rs 49 crore.
Janati Bio Power is a subsidiary of SVL, which is a promoter company of Orient Green Power Company.
As on September 2017, SVL was holding 16,36,08,446 equity shares (22.12 percent) and Janati Bio Power was holding 3,43,40,659 equity shares (4.64 percent) in the company.
At 09:32 hrs Orient Green Power Company was quoting at Rs 12.30, up Rs 1.23, or 11.11 percent on the BSE.
Posted by Rakesh Patil