Orient Green Power Seeks Shareholders' Approval to Raise Authorized Share Capital and CEO Remunerati

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Orient Green Power Plans Share Capital Increase and CEO Remuneration Boost

Team FS

06/Jun/2024

Key Points:

1: Orient Green Power proposes to raise authorized share capital to Rs 2,500 crore from Rs 1,600 crore, subject to shareholders' approval.

2: The company also seeks approval to increase the gross remuneration of its Managing Director and CEO, T Shivaraman, from Rs 60 lakh to Rs 120 lakh per annum.

3: Additionally, a resolution is proposed for the re-appointment of T Shivaraman as Managing Director and CEO for another five years, starting from March 30, 2025.

Orient Green Power has announced significant proposals ahead of its annual general meeting, signaling strategic moves to bolster its financial capacity and leadership continuity. The company is seeking shareholders' approval for two key resolutions: increasing the authorized share capital and enhancing the remuneration of its Managing Director and CEO, T Shivaraman.

Capital Expansion Strategy

One of the primary agendas listed for the annual general meeting is the proposal to raise Orient Green Power's authorized share capital. The company aims to increase the authorized share capital from the existing Rs 1,600 crore to Rs 2,500 crore. This move is aimed at facilitating future capital-raising activities and addressing evolving business requirements. The proposed increase in authorized share capital is subject to approval from the company's shareholders, in accordance with relevant provisions of the Companies Act, 2013, and other applicable regulatory requirements.

CEO Remuneration Enhancement

In addition to the share capital expansion, Orient Green Power has put forth a resolution to revise the remuneration of its Managing Director and CEO, T Shivaraman. The proposal seeks to increase Shivaraman's gross remuneration from Rs 60 lakh per annum to Rs 120 lakh per annum. This adjustment reflects the company's recognition of Shivaraman's contributions and leadership in steering Orient Green Power towards its strategic objectives.

Leadership Continuity and Re-Appointment

Furthermore, the annual general meeting will address the re-appointment of T Shivaraman as the Managing Director and CEO for another five-year term, commencing from March 30, 2025, until March 29, 2030. The proposed resolution underscores the board's confidence in Shivaraman's capabilities and vision to lead Orient Green Power through its next phase of growth and development.

Conclusion

Orient Green Power's proposals to increase authorized share capital and enhance CEO remuneration signify the company's commitment to fortifying its financial strength and sustaining leadership excellence. With these strategic initiatives, Orient Green Power aims to position itself for continued growth, innovation, and value creation in the renewable energy sector. As shareholders convene for the annual general meeting, the decisions made will shape the future trajectory of Orient Green Power, aligning with its overarching goals of sustainability, profitability, and stakeholder value creation.

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Orient Green Power Plans Share Capital Increase and CEO Remuneration Boost

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