Yes Bank offloads over 8% stake in CG Power

Yes Bank sold a total of 5.18 crore equity shares (8.26% stake) of CG Power and Industrial Solutions via bulk deals on NSE and BSE on 18 August 2020.

On Tuesday, 18 August 2020, Yes Bank sold 2.38 crore equity shares (3.80% stake) in CG Power and Industrial Solutions at Rs 14.66 per share via bulk deal on the BSE. Simultaneously, GDN Investments bought 46 lakh equity shares (0.73% stake) at Rs 14.66 per share via bulk deal on the BSE.

On the same day, Yes Bank sold another 2.80 crore equity shares (4.46% stake) of the engineering company at Rs 14.60 per share via bulk deal on the NSE.

As of 30 June 2020, Yes Bank held over 8 crore equity shares (12.77% stake) in CG Power and Industrial Solutions.

On a consolidated basis, CG Power and Industrial Solutions reported net loss of Rs 288.06 crore in Q4 March 2020 compared with net loss of Rs 189.23 crore in Q4 March 2019. Net sales slumped 69% to Rs 616.25 crore in Q4 March 2020 over Q4 March 2019.

Shares of CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 15.39 on BSE. Avantha Group Company, CG Power and Industrial Solutions (CG) is a global pioneering leader in the management and application of electrical energy. CG's offerings include electrical products, systems and services for utilities, power generation and industries.

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