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This is an archive article published on October 8, 2010

Orient Green Power falls 3 on listing

Power generating firm Orient Green Power Company disappointed its investors.

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Power generating firm Orient Green Power Company OGPL today disappointed its investors on the first day of trade on the bourses,with shares of the company falling nearly three per cent on the National Stock Exchange,against its issue price of Rs 47 per share.

The scrip opened at Rs 45.70 on the NSE and reported a fall of 2.76 per cent from the issue price. In terms of volume,over one crore shares were traded on the bourse in the first one hour of the trade.

OGPL,which is promoted by Shriram EPC,has raised Rs 900 crore through its issue,which was oversubscribed by 2.09 times in the space reserved for qualified institutional buyers.

The firm had entered the capital market with an issue,ranged between Rs 47 and Rs 55 a piece. The Chennai-based power producer plans to utilise the IPO proceeds to part-finance its capex plan,among other things.

JM Financial Consultants,Goldman Sachs India Securities,UBS Securities India and Axis Bank were the book running lead managers to the issue.

Meanwhile,the National Stock Exchange index Nifty was trading at 6115.85 points.

 

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