Orient Green Power Company has announced that it has received a No Objection Letter from M/s. SVL Limited, one of its promoters, for the release of investments pledged in favour of SVL. This development follows prior intimations to stock exchanges regarding the creation of pledges on investments held in various subsidiaries.
The release of pledged investments pertains to several subsidiaries and step-down subsidiaries of Orient Green Power. The subsidiaries involved include M/s. Bharath Wind Farm Limited, with a 100% equity holding, and M/s. Orient Green Power Europe BV, also with a 100% equity holding. Additionally, M/s. Beta Wind Farm Private Limited will see the release of 23% equity and 49% preference holdings. Other subsidiaries such as M/s. Gamma Green Power Private Limited and M/s. Clarion Wind Farm Private Limited will have 72.5% and 72.35% equity holdings released, respectively.
The initial pledging of these investments was linked to loans extended to Orient Green Power and its subsidiaries. The release signifies an important step in the financial restructuring and management of the company’s assets.
The company has requested the stock exchanges to take note of this development and acknowledge the release of the pledged investments.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).