Orient Green settles at Rs 45 Vs IPO price of Rs 47

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Orient Green settles at Rs 45 Vs IPO price of Rs 47

Shares of Indian renewable energy-based power generation company Orient Green Power Company (OGPL) closed at Rs 45 as against issue price of Rs 47, a decline of 4.26%.

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Orient Green BSE | NSE 24/05/12 Are Mutual Funds betting on Orient Green?

Shares of Indian renewable energy-based power generation company Orient Green Power Company (OGPL) closed at Rs 45 as against issue price of Rs 47, a decline of 4.26%, after hitting an intraday high of Rs 46.65 and low of Rs 38.10. It traded with volume of 3.94 crore equity shares on NSE.

On BSE, a share settled at Rs 44.90, after witnessing a high of Rs 46.60 and low of Rs 38.30. Traded volume stood at 2.5 crore shares.

OGPL raised Rs 900 crore via offering of 19,14,89,361 equity shares, which constituted 40.91% of the fully diluted post issue paid capital of the company. A price band was at Rs 47-55 a share.

T Shivaraman, Vice Chairman and Executive Director of the company said, "By the end of this fiscal by March 2011 we plan to be at 350 megawatt, we will be there or above that. End of March 2012 we will be at 800 megawatt plus and as the numbers start coming in, the market will realise the value of the stock."

Renewable energy projects have short gestation times he said. He sees earnings before interest, tax, depreciation and amortization (EBITDA) at Rs 1,000 crore and revenues around Rs 1,800 crore by FY13.

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.