Orient Green Power seeks shareholders' nod to raise authorised share capital to Rs 2,500 crore

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Orient Green Power will seek shareholders' approval to raise its authorised share capital to Rs 2,500 crore from the existing Rs 1,600 crore in its annual general meeting later this month.

The proposal to raise the authorised share capital is listed on the agenda of the annual general meeting scheduled on June 28, 2024, the notice of the AGM stated on June 6.

The notice informed that to undertake a capital raising activity in the future and for other business requirements that arise from time to time, it is proposed to increase the authorised share capital from Rs 1,600 crore to Rs 2,500 crore.

The increase in authorised share capital of the company and alteration of Clause V of the Memorandum of Association are subject to the approval of members of the company by way of passing an ordinary resolution in terms of Sections 13, 61 and 64 and other applicable provisions of the Companies Act, 2013, as well as any other applicable statutory and regulatory approvals, it added.

The company has also proposed a resolution in the AGM to increase the gross remuneration of its Managing Director and CEO T Shivaraman from Rs 60 lakh per annum to Rs 120 lakh per annum.

It is also proposed to approve the re-appointment of T Shivaraman as Managing Director and CEO for another five years with effect from March 30, 2025, till March 29, 2030, and payment of his remuneration thereon.