TII to invest ₹100 cr. more in CG Power


Tube Investments of India Ltd. (TII), a Murugappa Group firm, has decided to invest an additional ₹100 crore in CG Power and Industrial Solutions Ltd. to meet the latter’s additional funding requirements.

The fresh infusion is in addition to the investment of ₹700 crore in equity shares and warrants announced on August 7 to bail out the cash-strapped firm, TII said.

TII will subscribe to 6.87 lakh equity shares of CG Power at ₹14.55 per share on a preferential basis.

After the subscription, TII’s stake would rise to 58.58%. TII’s board had approved the proposal.

TII considers that its operational, financial and governance capabilities will help remove the difficulties faced by CG Power. Since both the companies are in the engineering business, the acquisition is expected to provide synergy for both the companies, it said.

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.