Suzlon’s peer & LIC-backed multibagger penny stock under Rs 25 hit upper circuit as Board announces 10:51 right issue; target for 1 GW capacity!

The stock gave 81.2 per cent returns from its 52-week low of Rs 12.06 per share and gave multibagger returns of 600 per cent in 3 years.

Orient Green Power Company Limited has announced plans to issue up to 19,23,07,692 new equity shares for Rs 13 per share. To determine eligible shareholders for this rights issue, the Company has set Tuesday, August 13, 2024, as the record date. The rights issue is scheduled to open on Tuesday, August 27, 2024, and close on Friday, September 13, 2024. Eligible shareholders will receive ten rights entitlement for every 51 shares held on the record date. The complete terms of the rights issue, including provisions for fractional and zero entitlements, will be detailed in the Letter of Offer to be submitted to SEBI, BSE, and NSE.

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 currently have 421 MW capacity (incl. overseas capacity). The company's board approved a plan to expand its renewable energy capacity by 1 GW (1000 MW), based on an information memorandum prepared by a consultant-appointed firm. The managing director and CFO are authorized to execute the expansion plan.

Orient Green Power is accelerating its growth in the renewable energy sector. The company is investing Rs 100 crore in its new subsidiary, Delta Renewable Energy, to build a diverse portfolio of wind and solar projects. This, combined with planned fundraising efforts, will fuel Delta's expansion and solidify Orient Green Power's position as a major player in India's renewable energy market.

As of June 2024, Life Insurance Corporation of India (LIC) owns a 1.57 per cent stake in the company. On Tuesday, shares of the company hit a 5 per cent upper circuit to Rs 21.85 per share from its previous closing of Rs 20.81. The stock gave 81.2 per cent returns from its 52-week low of Rs 12.06 per share and gave multibagger returns of 600 per cent in 3 years.

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

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