• About
  • Contact
Monday, January 25, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home News

KKR India Acquires 10 Percent Stake in CG Power

Saurav Bhagat by Saurav Bhagat
September 17, 2019
in News
2 min read
0
KKR-India-acquires-c-g-power

KKR-India-acquires-c-g-power

Share on FacebookShare on Twitter
  • The shares were sold by the Vistra ITCL (India) Ltd
  • CG Power said that the creditors had invoked 67.6 million pledged equity shares in March
  • It is facing corporate governance issues in the wake of a financial fraud allegedly perpetrated by its promoter

Private equity firm KKR India on Monday picked up 10 percent stake in CG Power and Industrial Solutions for over Rs 89 crore through open market transactions. KKR India Debt Opportunities Fund II and KKR India Financial Services bought a total number of over 6.26 crore shares or 10.01 percent stake in CG Power. The stakes were bought at an average price of Rs 14.25 apiece, summing up to a total of Rs 89.31 crores. The shares were sold by the Vistra ITCL Ltd (India).

“KKR India Financial Services Ltd and KKR India Debt Opportunities Fund II have, in the exercise of their rights in respect of credit facilities extended to Avantha Holdings Ltd and the subsidiary Salient Financial Solutions Ltd and through the enforcement pledges created by Avantha Holdings Ltd, acquired 50,736,588 and 11,938,021 equity shares of CG Power and Industrial Solutions Ltd through a transaction on the stock exchange,” the PE firm said on Monday.

CG Power said that the creditors had invoked 67.6 million pledged equity shares in March, constituting 10.8% of the company’s share capital, held by one of its promoters, Avantha Holdings. Vistra ITCL on behalf of debenture holders—BOI AXA Credit Risk Fund, KKR India Financial Services, and KKR India Debt Opportunities Fund II—had invoked these shares.

Besides, in March itself, private sector lender Yes Bank had acquired 80 million shares, or 12.8% stake, in CG Power on pledged shares of its promoter.

On 20 August this year, the board of the CG Power and the Industrial Solutions Ltd. said that the company will restate accounts after discovering much “significant accounting irregularities” and governance lapses, sending its shares plunging by the maximum daily limit of 20%.

CG Power is a leading player in the electrical equipment and engineering sector It is facing corporate governance issues in the wake of a financial fraud allegedly perpetrated by its promoter came to light. Thapar was removed from CG Power’s chairmanship on 30th August. The company’s board is considering selling non-core assets and exploring various fundraising avenues to deleverage the company and optimize its operations further.

KKR acquires 90% of EuroKids in Rs 1,475 crore deal

Tags: AcquiringCG Powerkkr private equity
Previous Post

Zomato Faces Backlash Over Payment Structure,Delivery Partners Protest

Next Post

Facebook Pushes Into TV Market With Streaming Device Portal

Saurav Bhagat

Saurav Bhagat

Saurav Bhagat is an experienced digital marketer and SEO Trainer from New Delhi, India. Saurav is inclined towards brands and brand story-telling from the past half a decade. His interest in startups has made him an immense member of the NBB Family from its very early days. Saurav loves Chai and writes his day to day experiences on Quora and Yuvagasm Media too. He believes in the power of storytelling for a Brand and also in general. He often says- "Stories are powerful enough to build and erase empires and generations!"

Related Posts

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok
News

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok

January 24, 2021
LifeStyle Video App Trell Starts Social Commerce for its User Base
News

LifeStyle Video App Trell Starts Social Commerce for its User Base

January 22, 2021
Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery
News

Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery

January 22, 2021
Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie
News

Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie

January 21, 2021
SEBI Approved Much Talked Future Group-Reliance Industries Deal
News

SEBI Approved Much Talked Future Group-Reliance Industries Deal

January 21, 2021
Tata Group is All Set to Acquire 60% stake in BigBasket
News

Tata Group is All Set to Acquire 60% stake in BigBasket

January 20, 2021
Next Post
Facebook portal- Next Big Brand

Facebook Pushes Into TV Market With Streaming Device Portal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

jet airways

Jet Airways stops all operations post losing all funders; puts 20,000 employers in jeopardy

2 years ago
Tesla's shares rose - Next Big Brand

Tesla’s Shares Witnessed 40% Hike, Valuation Goes Sky High

12 months ago
Netflix subscriptions - Next Big Brand

OTT Platform Netflix Might Degrade its Video Quality Due to Ongoing Internet Bandwidth

10 months ago
FreshToHome Funding- Next Big Brand

FreshToHome Raises $121 mn Funding With Expansion Plans To UAE & India

3 months ago

FOLLOW US

  • 22.5k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok
  • Indigo Paints: Colorful journey of a Lesser Known Paint Brand
  • LifeStyle Video App Trell Starts Social Commerce for its User Base

Instagram

Follow Me!

Latest News

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok

January 24, 2021
Indigo Paints: Colorful journey of a Lesser Known Paint Brand

Indigo Paints: Colorful journey of a Lesser Known Paint Brand

January 22, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.