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CG Power & Industrial Solutions was locked in an upper circuit of 5% at Rs 124.45 after the company entered into a settlement and signed a binding term sheet with Evie Real Estate for the sale of the company's property at Kanjurmarg, Mumbai.
In an exchange filing, the sale consideration was of Rs 382 crore, as per the term sheet, in addition to the repayment of Rs 20 crore of deposit. CG Power & Industrial Solutions had entered into an agreement for sales with Evie Real Estate on 28 October 2015. The sale of the property was to be completed by 27 December 2019. However, the sale transaction could not be completed before the 'closing date' under the agreement, due to various developments that took place in the company, giving rise to claims and counter claims between the parties.
However, the company, under the new management, has since discussed with Evie Real Estate for completion of the transaction and reached settlement and has signed a binding term sheet on 16 October 2021.
CG Power & Industrial Solutions' consolidated net profit (from continuing operations) stood at Rs 48 crore in Q1 June 2021 (Q1 FY22) over a net loss of Rs 262.88 crore in Q1 June 2020 (Q1 FY21). Net sales surged 189.5% to Rs 1,050.04 crore in Q1 FY22 from Rs 362.73 crore in Q1 FY21.
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.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)