Bessemer Venture Capital and Olympus Capital-backed renewable energy firm Orient Green Power Company is looking to raise as much as Rs 900 crore through a public float. The money is to be used for funding expansion of multiple biomass power projects besides funding subsidiaries for wind power and biomass power generation and repayment of debt worth about Rs 150 crore.
Both Bessemer and Olympus are invested in the company through direct and indirect route. The principal backer of Orient Green is Shriram EPC which in turn is backed by investors such as Bessemer and New Vernon.
However the single largest shareholder (94.7%) of Orient Global is a Singapore based firm Orient Green Power Pte which is a three way joint venture between Shriram EPC, Bessemer and Olympus Capital. The remaining shares are owned by the three partners.
For the nine months ended December’09 the company had total income of Rs 72.3 crore with net profit(excluding extra ordinary items) of Rs 2.14 crore.
If the company is looking to dilute 25% stake then it could be eyeing a valuation of around Rs 3,600 crore ($810 million).