Shares of Orient Green Power Company rallied more than 10 percent on Monday as the Shriram Group, the promoter group announced an open offer to buy 26 percent stake in the company at a price of Rs 15 per share (nearly 15 percent higher over its Friday's closing price).
Axis Capital, the manager to the open offer, informed public shareholders for acquisition of up to 14,77,00,345 equity shares, representing 26 percent stake, at a price of Rs 15 per share by Shriram Industrial Holdings Private (acquirer) and Orient Green Power PTE Ltd and Shriram Venture Ltd, in their capacity as persons acting in concert with the acquirer.
Meanwhile, the board of directors of the company approved the preferential allotment of 10 crore equity shares at a price of Rs 15 per share to Shriram Industrial Holdings Private Limited.
Orient Green Power Pte Ltd holds 55.99 percent stake in the company as of December 2012.
Shares gained 9.63 percent to close at Rs 14.34 amid large volumes on Bombay Stock Exchange.
Trading volumes increased nearly 6 times to 24,81,550 shares as against five-day average of 4,25,825 shares.
In the previous trading session (Friday), the stock moved up 13.15 percent to close at Rs 13.08.
Orient Green stock price
On November 27, 2015, at 11:54 hrs Orient Green Power Company was quoting at Rs 14.22, up Rs 0.07, or 0.49 percent. The 52-week high of the share was Rs 20.10 and the 52-week low was Rs 9.95.
The latest book value of the company is Rs 14.32 per share. At current value, the price-to-book value of the company was 0.99.
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