CG Power has been stuck to the ‘top gainer on the BSE’ tag since opening bell today. It had hit the 5% UC yesterday at Rs.14.65 and today too, the moment it opened for trade, it was frozen at the 5% UC at Rs.15.38.
No fundamental development in the stock except there has been a bulk deal on the counter. The BSE informed that there had been a change of hands – Vistara ITCL, which held shares of the company as Trustees for L&T Finance ‘sold’ 6.2 crore shares or 9.9% stake in CG Power to L&T Finance. The transaction happened at Rs.13.97/share, valuing the stake sale at Rs.87.50 crore.
Thus what happened is merely a transfer, from the Trustee to L&T Finance, which were hitherto held as collateral.
As at 30th Sept 2019, Vistara held 6.82 crore shares in total and now, post this transfer, it is left with some 56 lakh shares in CG Power.