 "Tube Investments increases stake in CG Power after preferential allotment")
The stake of Tube Investments of India Limited (TII), part of Rs 38,000 crore Murugappa Group, in CG Power and Industrial Solutions Ltd has increased to 58.58 per cent after the company's shares were allotted on a preferential basis.
The Finance Committee of the board of directors of CG Power has allotted 68,728,522 equity shares of the company at a price of Rs 14.55 per equity share, aggregating to Rs 99.99 crore to TII on a preferential allotment basis. Post the allotment, TII holds 53.16% of the paid up equity share capital of the company.
TII’s aggregate shareholding (i.e. equity shares and convertible warrants held by TII) in the company has increased from 56.61% to 58.58% of the share capital of the company on a fully diluted basis.
Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit CG Power and Industrial Solutions and its holding gradually increased in the last two months.
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