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Board of CG Power and Industrial Solutions approves further issuance of equity shares to Tube Investment of India

Capital Market 

At meeting held on 02 September 2020

CG Power and Industrial Solutions announced that the Board of Directors of the company at its meeting held on 02 September 2020 approved the Additional Offer, and consequently, execution of an amendment agreement to the securities subscription agreement (SSA Amendment) with the Subscriber dated 2 September 2020 for the further issuance and allotment to the Prospective Investor (Tube Investment of India) on a preferential basis ("Preferential Allotment") of 68,728,522 equity shares of the Company of face value of Rs 2/- each ("Equity Shares") at a price of Rs 14.55 (including premium) per Equity Share aggregating up to Rs 100 crore, in compliance with Regulation 164A and other applicable provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and other applicable laws.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 02 2020. 16:00 IST