1,000 MW capacity target: Multibagger penny stock under Rs 15 allots 23,00,00,000 rights issue!

The stock gave multibagger returns of 380 per cent in 2 years and over 700 per cent in 3 years.

Orient Green Power Company Ltd informed that the meeting of the Rights Issue Committee of the Board of Directors at its meeting held today, i.e., September 23 2023, have approved the allotment of 23,00,00,000 fully paid-up Equity Shares of face value of Rs 10 each on a rights basis, at an issue price of Rs 10 (including a share premium of Rs NIL per equity share) to the eligible allottees as of record date which was August 18, 2023.

Additionally, the Board of Directors of the company at its meeting took on record an Information Memorandum (IM) prepared by M/s. Nomura Research Institute Consulting and Solutions India Private Limited (who has been appointed by our consultant) in relation to the capacity addition/expansion with a target of 1GW (1000MW) of installed capacity of renewable energy and authorized the Managing Director and Chief Financial Officer to proceed and take it forward.

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Orient Green Power Company Limited is an independent producer of renewable power. It is engaged in developing, owning, and operating a diversified portfolio of wind energy power plants. The company has a market cap of over Rs 1,300 crore with a 3-year stock price CAGR of 105 per cent.

On Monday, shares of Orient Green Power Company Ltd plunged 1.95 per cent to Rs 13.56 per share with an intraday high of Rs 13.95 and an intraday low of Rs 13.50. The stock’s 52-week high of Rs 15,36 and its 52-week low is Rs 7.08.

The stock gave multibagger returns of 380 per cent in 2 years and over 700 per cent in 3 years. Investors should keep an eye on this Small-Cap power generation company’s stock.

Disclaimer: The article is for informational purposes only and not investment advice.