CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 64.75 after the company said its board will meet on 25 March 2021 to consider preferential allotment of shares to Standard Chartered Bank (Singapore).
In a regulatory filing on Monday, CG Power said that its board is scheduled to meet on Thursday, 25 March 2021, to consider issuing equity shares on preferential allotment basis to Standard Chartered Bank (Singapore), a qualified institutional buyer, as settlement of guarantee issued by the company.CG Power and Industrial Solutions is a global pioneering leader in the management and application of electrical energy. Its offerings include electrical products, systems and services for utilities, power generation and industries.
On a consolidated basis, CG Power posted a net loss of Rs 540 crore in Q3 FY21 higher than the net loss of Rs 204.39 crores posted in Q3 FY20. Net sales tumbled 30.5% year on year to Rs 819.52 crore in Q3 FY21.
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