Orient Green Power Company said the board of directors has approved the proposal to sell whole of the 10 MW biomass unit of the company in Tamil Nadu by way of slump sale "on a going concern basis", to one of its wholly owned subsidiaries.
Shares of Orient Green Power Company gained as much as 4.2 percent on Monday after the board members approved sell of biomass unit in Tamil Nadu.
"The board of directors has approved the proposal to sell whole of the 10 MW biomass unit of the company in Tamil Nadu by way of slump sale "on a going concern basis", to one of its wholly owned subsidiaries," the company said in its filing.
The sale is subject to the approval of the shareholders and other approvals.
While explaining the reason for sale, the company said this is to facilitate the unit to sell power on the group captive mode in Tamil Nadu which would help in stability of operations and realisation.
At 11:59 hours IST, the stock climbed 3.17 percent to Rs 10.10 on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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