CG Power and Industrial Solutions Ltd allots shares, warrants to Tube Investments of India Ltd

The Board of Directors of CG Power and Industrial Solutions Ltd, at its Meeting held on 26.11.2020 have allotted the following securities to Tube Investments of India Limited on preferential allotment basis:

- 64,25,23,365 equity shares of the Company of face value of Rs. 2 each ('Equity Shares') at a price of Rs. 8.56/- (including premium) per Equity Share aggregating to Rs. 550,00,00,004/-; 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/- of which INR 37,50,00,000.25 constituting 25% of the aggregate consideration will be paid on warrant subscription by the Prospective Investor.

Post the allotment of securities to TII as stated above, TII has acquired a controlling interest in the Company and holds 50.62% of the paid up equity share capital of the Company.

Shares of CG Power and Industrial Solutions Ltd was last trading in BSE at Rs.39.6 as compared to the previous close of Rs. 37.8. The total number of shares traded during the day was 2114227 in over 3256 trades.

The stock hit an intraday high of Rs. 39.65 and intraday low of 37.2. The net turnover during the day was Rs. 83111127.

Shares of Tube Investments of India Ltd was last trading in BSE at Rs.843 as compared to the previous close of Rs. 842.2. The total number of shares traded during the day was 525519 in over 2419 trades.

The stock hit an intraday high of Rs. 868 and intraday low of 825.5. The net turnover during the day was Rs. 445850961.

Source : Equity Bulls

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