CG Power hits over 2-year high ahead of board meet for preferential issue

The board is scheduled to be held on Thursday, March 25, to consider issue of equity shares on preferential allotment basis to Standard Chartered Bank (Singapore)

Shares of CG Power and Industrial hit an over two-year high of Rs 67.95, frozen in the 5 per cent upper circuit, band on the BSE on Wednesday ahead of the firm's board meeting to issue equity shares to Standard Chartered Bank (Singapore) on preferential allotment basis. The stock was trading at its highest level since May 2018 and has been locked in the upper circuit for the third straight day.

"A meeting of the board of directors of the Company is scheduled to be held on Thursday, March 25, 2021, to consider amongst other businesses, issue of equity