Orient Green Power plans major capital raise at upcoming AGM
The resolution to increase the company's share capital is on the AGM's agenda, as indicated in the notice issued on Thursday.
Representative Image (Reuters)
NEW DELHI: In a significant financial move, Orient Green Power is set to seek shareholders' approval for raising its authorised share capital from Rs 1,600 crore to Rs 2,500 crore during the upcoming annual general meeting scheduled on June 28, 2024.
The resolution to increase the company's share capital is on the AGM's agenda, as indicated in the notice issued on Thursday. This proposed hike aims to facilitate future capital-raising activities and meet other business requirements.
Additionally, the company plans to propose a resolution to double the annual gross remuneration of its Managing Director and CEO, T Shivaraman, from Rs 60 lakh to Rs 120 lakh. T Shivaraman's re-appointment for another five-year term, effective from March 30, 2025, to March 29, 2030, is also on the agenda.