Diversified renewable energy company Orient Green Power Company Limited (Orient) of Chennai has reduced its stake in its subsidiary, Pallavi Power and Mines (Pallavi), in favour of its joint venture partner, Shalivahana Green Energy (SGE) of Telangana. The board of directors of Pallavi has allotted 2.10 lakh equity shares of Rs100 each to Orient and Rs6.42 lakh shares of Rs100 each to SGE. Orient's stake in Pallavi has reduced to 38.87 percent from 51 percent following the transaction. Pallavi is a special purpose vehicle that was formed by Orient for setting up a small hydroelectric power project in Odisha.
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