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Board of Tube Investments of India approves additional investment up to Rs 100 cr in CG Power

Capital Market 

At meeting held on 02 September 2020

The Board of Tube Investments of India at its meeting held on 02 September 2020 has approved an additional investment in 6,87,28,522 equity shares of CG Power and Industrial Solutions to be issued to TII at Rs.14.55/- per equity share on a preferential issue basis under Regulation 164A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The additional investment into CG power is being proposed in order to meet the additional funding requirements of CG Power and is subject to necessary corporate authorizations and statutory approvals.

The proposed investment is in addition to Rs.700,00,00,005/- approved for investment in the equity shares and share warrants of CG Power by TII's Board of Directors on 07 August 2020.

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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. 13:05 IST