August 26, 2023
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Orient Green Power Rights Issue 2023 at Chanakyanipothi.com.
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About Orient Green Power
Orient Green Power is an Indian renewable energy-based power generation company focused on developing, owning and operating renewable energy power plants. Currently its portfolio includes wind energy. As of March 31, 2023, its aggregate installed capacity is 402.3 MW.
Its Business is highly dependent on the performance and revenue of its subsidiaries. The subsidiaries contribute 100 % of the Total Revenue on a Consolidated Basis in FY 2023, 2022 and 2021 respectively. It has 45 customers in total and out of the same only 2 are state owned utilities and remaining are Commercial and Industrial Customers.
It has expanded its business by acquiring operating and development renewable energy assets from third parties and by developing greenfield projects. It has a diverse customer base with a mixture of off-take arrangements. Its customers include State utilities, private commercial and industrial consumers. In respect of Commercial & Industrial customers, It enters into PPAs with varying pricing arrangements depending on the type of customer, available tariffs, location and term of PPA. In respect of power sale to state utilities, it has long term PPA either under Feed in Tariff (FIT) or under APPC rates.
In the year 2010, the Company pursuant to an initial public offering of 191,489,361 Equity Shares of Rs10/- each at an issue price of Rs 47/-per Equity Shares aggregating to Rs 900.00 Crores, listed its Equity Shares on BSE and NSE. The market capitalization (full float) of the Company as on July 31, 2023 on BSE & NSE was Rs 1,069.78 Crores and Rs 1,069.78 Crores respectively.
Its restated consolidated revenues from operations for Fiscals 2023, 2022 and 2021 were Rs 25,831 lacs, Rs 31,063 lacs and Rs 25,475 lacs respectively. Itd restated consolidated EBITDA before exceptional items for Fiscals 2023, 2022 and 2021 were Rs 20,295 lacs, Rs 22,846 lacs and Rs 17,000 lacs respectively. Its restated consolidated profit/(loss) after tax (includes adjustment of profit/ loss from discontinued operations) for Fiscals 2023, 2022 and 2021 were Rs 3,333 lacs, Rs 3,578 lacs and Rs. (5,701) lacs respectively.
Get more information about the company @ http://www.orientgreenpower.com/
| Orient Green Power Rights Issue 2023 Detail | |
| Issue Open | Aug 28, 2023 – Sep 15, 2023 |
| Security Name | Orient Green Power Company Limited |
| Issue Size (Shares) | 23,00,00,000 |
| Issue Size (Amount) | Rs 230.00 Crores |
| Issue Price | Rs 10 per share |
| Face Value | Rs 10 per share |
| Listing At | BSE, NSE |
| Terms of Payment | The entire amount of the Issue Price of Rs 10/- per Rights Equity Share shall be payable at the time of Application. |
| Entitlement | 19 Rights Equity Share(s) for every 62 fully paid-up Equity Shares held on Record Date |
| Orient Green Power Rights Issue 2023 Issue Timetable | |
| Last Date to buy shares | Aug 17, 2023 |
| Record Date | Aug 18, 2023 |
| Credit of Rights Entitlements | |
| Bid/Offer Opens On | Aug 28, 2023 |
| Renunciation of Rights Entitlements | Sep 11, 2023 |
| Bid/Offer Closes On | Sep 15, 2023 |
| Deemed Date of Allotment | Sep 23, 2023 |
| Credit Date | Sep 27, 2023 |
| Listing Date | Sep 29, 2023 |
Objects of Orient Green Power Rights Issue 2023:
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
Repayment of unsecured loans due from the company to Janati Bio Power Private Limited, one of the Promoters of the company,
Part repayment or pre-payment of unsecured loans to Janati Bio Power Private Limited, one of the Promoters of the company availed by Bharath Wind Farm Limited, one of the wholly owned subsidiaries of the company,
Repayment/ Pre-payment of certain secured loans including interest availed from lenders of the Company either in part or full,
Part repayment of secured loans including interest availed from lenders by Amrit Environmental Technologies Private Limited, one of the subsidiaries of the Company,
Part repayment or pre-payment of unsecured loans including interest availed from Beta Wind Farm Private Limited, one of the subsidiaries of the Company, and
General Corporate Purposes.
| Company Financials | |||
| Orient Green Power Rights Issue 2023 Financial Information (Restated Consolidated) | |||
| Period Ended | 31-Mar-21 | 31-Mar-22 | 31-Mar-23 |
| Assets | 1,893.25 | 1,831.06 | 1,692.11 |
| Revenue | 261.27 | 315.22 | 290.21 |
| Profit After Tax | -50.71 | 46.55 | 35.1 |
| Net Worth | 456.2 | 489.46 | 523.62 |
| Reserves and Surplus | |||
| Total Borrowing | 1,324.61 | 1,215.00 | 1,073.59 |
| Amount in Rs Crore | |||
Company Contact Information
Orient Green Power Company Limited
Bascon Futura SV, 4th Floor,
No.10/1, Venkatanarayana Road,
T. Nagar, Chennai – 600 017
Orient Green Power Rights Issue 2023 Lead Manager
GYR Capital Advisors Pvt ltd
Saffron Capital Advisors Pvt ltd
Orient Green Power Rights Issue 2023 Registrar
Cameo Corporate Services Limited
Orient Green Power Rights Issue 2023 To the Point Guidance by Paresh Gordhandas, Research Analyst
CMP as on 25 August 2023 (Close) Rs. 14.15
Rights shares are offered at Rs. 10
TTM EPS Rs. 0.33
TTM PE 42.88 (Higher than average)
52 Week High Rs. 16.80
52 Week Low Rs. 7.70
Book Value Rs. 6.39
Technical View: From chart and technical analysis viewpoint, the scrip is in the short term down trend.
Guidance: We suggest 2 alternatives for this Rights issue.
a) Apply for this rights issue, with long term angle. The scrip is expected to enter the uptrend after few months and book profits at that point of time.
b) Sell the existing holding partially and invest in the rights shares.
