Orient Green Power Limited files DRHP for IPO

Shriram EPC Ltd (SEPC), a leading service provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal service sector projects throughout India and manufacturer of wind turbine generators, has announced that its Associate Company, Orient Green Power Ltd (OGPL) has filed a Draft Red Herring Prospectus (DRHP) with SEBI for its proposed Initial Public Offer.

OGPL is engaged in electricity generation from renewable sources and has a portfolio of about 196 MW, comprising 156 MW from wind and 40 MW from biomass. The Company aims to expand this portfolio to 1000 MW in two years, for which it seeks funds.

The bankers to the issue are JM Financial, Goldman Sachs and UBS Securities. Amarchand & Mangaldas is the filing legal counsel. SEPC holds a 35.8% stake in Orient Green Power. The rest of the stake is held by two PE investors - Bessemer Venture Partners (BVP) and Olympus Capital.

In 2006, SEPC created Orient Green Power together with BVP. This was followed by a second round of funding in which Olympus Capital, SEPC and BVP invested. The IPO consists of a fresh issue of shares and the holding of the current shareholders will be reduced to that extent.

Source : Equity Bulls

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