Tube Investments Increases Stake In CG Power After Preferential Allotment

Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit CG Power and Industrial Solutions

Topics

Tube Investments | Tube Investments of India | CG power

T E Narasimhan  |  Chennai 

Vellayan Subbiah, MD, Tube Investments of India

Vellayan Subbiah, MD, Tube Investments of India

The stake of of India Limited (TII), part of Rs 38,000 crore Murugappa Group, in and Industrial Solutions Ltd has increased to 58.58 per cent after the company's shares were allotted on a preferential basis.

The Finance Committee of the board of directors of has allotted 68,728,522 equity shares of the company at a price of Rs 14.55 per equity share, aggregating to Rs 99.99 crore to TII on a preferential allotment basis. Post the allotment, TII holds 53.16% of the paid up equity share capital of the company.

TII’s aggregate shareholding (i.e. equity shares and convertible warrants held by TII) in the company has increased from 56.61% to 58.58% of the share capital of the company on a fully diluted basis.

Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit and Industrial Solutions and its holding gradually increased in the last two months.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, December 19 2020. 19:30 IST

RECENT NEWS

Central Banks And The Economic Horizon: Steering Through Uncertaintie

In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more

Transforming Financial Operations With Robotic Process Automation

Author: Ricardo Goulart                           ... Read more

The Role Of Machine Learning In Fraud Detection

        Author: Gerardine Lucero                  &nbsp... Read more

Principles Of Islamic Banking And Finance

When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more

The Role Of Central Banks In Global Economy

The role of central banks in global economy is a stimulating topic that requires profound understanding. Commonly, centr... Read more

History Of Banking Evolution In The 21st Century

Throughout time, the banking sector has assumed a central role in the smooth functioning of economies, generating growth... Read more