Oriental Green Power Company Ltd’s (OGPCL) board Friday approved divesting its entire stake in Sanjog Sugars and Eco-Power Pvt Ltd (SSEPPL) in favour of Soorya Eco Power Pvt Ltd (SEPPL), following its policy to pull out of biomass subsidiaries.
The company will sell 9,18,954 equity shares, which form around 57.92 per cent of its total shares, to SEPPL, which in turn will take over the Rs 34.18 crore loan outstanding in SSEPPL.
According to reports, SEPPL held around 26 per cent stake in the biomass company and it had been infusing unsecured loan in it.
