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Corporate News
23-Feb-13
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Orient Green Power Company approves preferential allotment of equity shares
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On 22 February 2013
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The board of Orient Green Power Company in its meeting on 22 February 2013 has approved issuance of notice of postal ballot for obtaining the shareholders' approval in respect of the preferential allotment of 10,00,00,000 equity shares of face value Rs 10 each, pursuant to the provisions of section 81(1A) of the Companies Act, 1956 and other applicable legal provisions, including Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, to Shriram Industrial Holdings (preferential allotment). The issue price of these preferential shares will be Rs 15 per share which will be more than the minimum price as will be determined in accordance with the aforesaid regulations.
The board has approved the execution of the master framework agreement to be entered into by the company in relation to the preferential allotment and issuance of notice of postal ballot for obtaining shareholders' approval for the amendment, variation and modification to the terms and conditions of utilization of the proceeds raised through the initial public offering of the company.
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