Board of CG Power & Industrial Solutions approves preferential allotment of 1.38 cr equity shares

On 11 May 2021

As part of the resolution plan of the company, the Board of CG Power & Industrial Solutions based on the confirmation received from its authorized dealer bank, at their meeting held today, 11 May 2021, have inter-alia considered and approved the issue and allotment of 1,38,45,000 equity shares of the Company of face value of Rs 2 each on preferential basis at a price of Rs 73.10 including premium of Rs 71.10 per Equity Share aggregating to Rs 101.20 crore for consideration other than cash, i.e., for settlement of liability of the Company under the guarantee issued by it pursuant to the terms set out under the Guarantee Settlement Agreement (defined below), to Standard Chartered Bank (Singapore) (SCB), a Qualified Institutional Buyer, subject to the approval of the shareholders of the Company (Preferential Allotment).

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