Tube Investments of India to acquire controlling stake in CG Power for ₹700 crore

Tube Investments of India (TII) is acquiring a controlling stake of about 50.62% in CG Power & Industrial Solutions for ₹700 crore through a preferential issue of shares and warrants. After warrant conversion, TII's stake will be about 56.61%.

“TII will acquire about 50.62 per cent of the issued and subscribed share capital of CG Power.”thehindubusinessline.com

• 5 sources
• thehindubusinessline.comTube Investments picks up controlling stake in CG Power for ₹700 crore - The HinduBusinessLineOur BureauAug 7, 2020
• business-standard.comMurugappa Group's Tube Investments buys controlling stake in CG Power | Company News - Business StandardAmritha PillayAug 7, 2020
• thehindu.comTIIL in ₹700-crore pact to buy CG Power stakeSpecial CorrespondentAug 7, 2020
• timesofindia.indiatimes.comTube Investments to take over fraud hit CG Power - Times of IndiaTNNAug 7, 2020
• businessindia.co

Summarized from public sources; check the original articles before acting on it.