CG Power hits upper circuit band of 5% after KKR buys stake

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Published: September 17, 2019 12:30:11 PM

Shares of CG Power and Industrial Solutions hit an upper circuit of 5 per cent on BSE in the early intraday trade on Tuesday.

According to the 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 per cent stake in CG Power.

Shares of CG Power and Industrial Solutions hit an upper circuit of 5 per cent on BSE in the early intraday trade on Tuesday. It comes a day after KKR purchased 10 per cent stake in the company for nearly Rs 90 crore through open market transactions. CG Power stock hit its upper circuit band on the BSE at 9:52. Shares of CG Power were trading at Rs 15.69, 0.74, or 4.95 per cent on BSE at the time of reporting.

According to the 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 per cent stake in CG Power. The scrips were purchased at an average price of Rs 14.25 apiece, amounting to a total of Rs 89.31 crore.The shares were sold by Vistra ITCL (India) Ltd. Vistra ITCL is a public shareholder and held 21.63 per cent stake in the company, according to the shareholding data for the June quarter 2019,

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The private sector bank YES Bank in March purchased 8 crore shares or 12.8 per cent stake in the company on invocation of pledged shares of its promoter. Meanwhile,  the 30-share index was trading 147.66 points, or 0.40 per cent, lower at 36,975.65 at 0930 hours, while the broader Nifty fell 43.30 points, or 0.39 per cent, to 10,960.20. In the previous session, the BSE barometer settled 262 points, or 0.70 per cent, lower at 37,123.31, while the Nifty closed 79.80 points, or 0.72 per cent, down at 10,996.10. The global oil benchmark brent crude fell 0.93 per cent to 68.38 per barrel (intra-day).  The sentiment of the investors has remained muted amid geopolitical uncertainties over the Saudi oil turmoil, US-China trade war and looming global economic slowdown, experts said.

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