CG Power hits 5% UC

The moment it opened for trading, CG Power hit the 5% UC at Rs.15.69 and remains among the top three gainers on the BSE currently. This is the second consecutive day that the stock has hit the UC.

The news is that PE Fund, KKR has acquired a 10% stake in the company by invoking the pledge on shares provided as collateral for credit facilities extended to entities related to promoter Gautam Thapar.

As per data on the stock exchange, KKR India Debt Opportunities Fund II and KKR India Financial Services have acquired over 62.6 million shares in CG Power, from Vistra ITCL (India) Ltd for Rs.89 crore.

As on 30 June, Vistra ITCL held a 21.63% stake in the company.

A few months ago, Vistra ITCL on behalf of debenture holders—BOI AXA Credit Risk Fund, KKR India Financial Services and KKR India Debt Opportunities Fund II CG Power had invoked 67.6 million or 10.8% pledged equity shares, held by Avantha Holdings.  The same is now acquired by KKR.