“Shares were held by Vistra, as trustees for L&T Finance. L&T Finance has transferred them unto itself from Vistra, which were hitherto held as collateral,” a spokesperson for L&T Finance said in response to an email query.
In September, KKR bought a 10.01 per cent stake in CG Power in a similar transaction. KKR India Debt Opportunities Fund II and KKR India Financial Services bought that stake in CG Power from Vistra ITCL.
Vistra was also acting a trustee for KKR, among other holders.
CG Power in August informed exchanges of a Risk and Audit Committee (RAC) report which detailed multiple dubious transactions at the company. The report indicated it to be an employee-led fraud. Following this, the Securities Exchange Board of India (Sebi) passed an interim order in September barring Gautam Thapar and some other key officials of CG Power from the securities market.
According to details available in the Sebi report on the company, YES Bank and Bharti SBM Holdings were among other non-promoter shareholders in the company as of June 2019.