CG Power soars after Yes Bank acquires shares

CG Power and Industrial Solutions rose 6.16% to Rs 38.75 at 15:18 IST on BSE after Yes Bank said it had acquired shares of the company.

Meanwhile, the S&P BSE Sensex was down 458.12 points, or 1.20% to 37,818.51.

On the BSE, 36.18 lakh shares were traded in the counter so far compared with average daily volumes of 13.16 lakh shares in the past two weeks. The stock had hit a high of Rs 41.55 and a low of Rs 35.30 so far during the day. The stock hit a 52-week high of Rs 83 on 8 May 2018. The stock hit a 52-week low of Rs 21.40 on 14 February 2019.

Yes Bank said it acquired 8,00,50,000 equity shares of CG Power and Industrial Solutions (CG Power) having nominal value of Rs 2 per share, constituting 12.79% of the paid-up share capital as at 31 March 2019. The shares have been acquired on invocation of pledged shares subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Oyster Buildwell ('borrower'), which is a group company of Avantha Group. Proceeds from sale of shares be utilized to reduce the loans secured by such shares.

On a consolidated basis, CG Power & Industrial Solutions reported a net loss of Rs 150.18 crore in Q3 December 2018 compared with net loss of Rs 28.23 crore in Q3 December 2017. Net sales rose 11.91% to Rs 1,719.52 crore in Q3 December 2018 over Q3 December 2017.

CG Power & Industrial Solutions helps its customers use electrical power effectively and increase industrial productivity with sustainability. Its portfolio ranges from transformers, switchgear, circuit breakers, network protection & control gear, project engineering, HT and LT motors, drives, power automation products and turnkey solutions in all these areas.

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