Asia-focused private equity firm, Olympus Capital Holdings, is increasing its stake in Orient Green Power Company Ltd, the first renewable energy company to be listed on Indian bourses. The PE firm has picked up shares worth Rs 14.5 crore in the company through bulk deals on Thursday.
The shares were picked up at a price of Rs 41.5 by Olympus India Holdings Ltd, an arm of the PE firm. Olympus holds a 24.6% stake in Orient Green Power Pte Ltd, which, in turn, holds a 56% stake in the Indian unit after the IPO. Private equity firms Bessemer and Olympus had picked up a small stake in Orient Green Power Co Ltd too before the IPO.
With this deal, the stake held by Olympus in the Indian unit should reach just below 1%. Orient Green Power Company had raised Rs 900 crore through the public float.
The share price of the firm had been trading at a discount to the issue price of Rs 47 since the listing earlier this month. The PE firm may have seen this as an opportunity to increase its holding.
Orient Green Power has operating projects of capacity 213 MW with another 836 MW currently under development. These include projects across wind, biomass, biogas and hydroelectrical projects.
Olympus Capital struck a $300 million deal with Tata Power earlier this year, taking a 15% stake in two separate special purpose vehicles that own Indonesian coal mines. The firms clean tech fund, Asia Environmental Partners LP, raised a $250 million earlier this year to primarily invest in India and China.