KKR India buys 10% in CG Power

NEW DELHI: Private equity giant KKR India on Monday picked up 10% stake in CG Power and Industrial Solutions for over 89 crore through open market transactions. As per the latest bulk deal data on the NSE, KKR India Debt Opportunities Fund II and KKR India Financial Services bought a total number of over 6.26 crore shares or 10.01% stake in CG Power.

The scrips were bought at an average price of 14.25 apiece, amounting to a total of 89.31 crore.

The shares were sold by Vistra ITCL (India) Ltd.

According to the shareholding data for the June quarter 2019, Vistra ITCL is a public shareholder and held 21.63% stake in the company.

On NSE, shares of CG Power and Industrial Solutions Monday touched its upper circuit to end at 14.95 apiece, up 4.91% over the previous close.

CG Power and Industrial Solutions is among the leading players in the electrical equipment and engineering sector.

In March, CG Power said that creditors invoked 6.76 crore pledged equity shares, 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 the shares. Besides, in March, private sector lender Yes Bank acquired 8 crore shares or 12.8%stake in CG Power on invocation of pledged shares of its promoter.