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Murugappa group firm to invest in CG Power and Industrial Solutions Ltd

Posted On: 2020-08-07 04:47:54

The Board of Directors (the "Board") of CG Power and Industrial Solutions Limited at their meeting held today have considered and approved the execution of a securities subscription agreement with Tube Investments of India Limited ("Prospective Investor") dated 7 August 2020 ("SSA") for the issuance and allotment of following securities to the Prospective Investor on a preferential basis ("Preferential Allotment") subject to the fulfilment of the conditions precedent set out in the SSA.

Key conditions:

- 64,25,23,365 equity shares of the Company of face value of Rs. 2 (Rupees two) each ("Equity Shares") at a price of Rs. 8.56/- (including premium) per Equity Share aggregating to Rs. 550,00,00,004/- (Indian Rupees Five Hundred Fifty Crores Four Only); and

- 17,52,33,645 warrants ("Warrants"), each carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant within 18 months from allotment. Aggregate consideration for subscribing to equity shares upon exercise of the warrants is Rs. 150,00,00,001/- (Indian Rupees One Hundred Fifty Crores One only), of which INR 37,50,00,000 (Indian Rupees Thirty Seven Crores Fifty Lakhs only) constituting 25% (Twenty Five per cent) of the aggregate consideration will be paid on warrant subscription by the Prospective Investor.

Shares of Tube Investments of India Ltd was last trading in BSE at Rs.540.85 as compared to the previous close of Rs. 509.5. The total number of shares traded during the day was 4869 in over 744 trades.

The stock hit an intraday high of Rs. 557.8 and intraday low of 515.85. The net turnover during the day was Rs. 2602721.

Shares of CG Power and Industrial Solutions Ltd was last trading in BSE at Rs.10.99 as compared to the previous close of Rs. 10.47. The total number of shares traded during the day was 1045641 in over 827 trades.

The stock hit an intraday high of Rs. 10.99 and intraday low of 10.58. The net turnover during the day was Rs. 11448773.

Source: Equity Bulls

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