CG Power creditors invoke 6.76 cr pledged shares held by promoter Avantha Holdings

CG Power and Industrial Solutions said Monday that creditors have invoked 6.76 crore pledged equity shares, constituting 10.8 per cent of the company's share capital, held by one of its promoters Avantha Holdings.

"...Invocation of pledge created on 6,76,96,248 equity shares of the company held by Avantha Holdings Ltd constituting 10.8 per cent equity share capital of the company by Vistra ITCL (India) Ltd, Debenture Trustee of Avantha Holdings Ltd on behalf of Debentureholders namely BOI AXA Credit Risk Fund, KKR India Financial Services Private Limited and KKR India Debt Opportunities Fund II," CG Power and Industrial Solutions said in a BSE filing.

Avantha Holdings stated that though the pledge was invoked, however, Avantha Holdings will continue to have the right to require a re-transfer of the shares to itself upon repayment of the debt, according to the statement.

The promoter has said that in the case of any sale of the equity shares by Vistra ITCL (India) Ltd, any amounts received by them over and above the outstanding amount of the debt will be payable to Avantha Holdings Ltd.

Shares of CG Power and Industrial Solutions rose 6.49 per cent on Monday to close at 38.55 apiece on the BSE.