YES Bank exits CG Power, sells over 10% stake in tranches

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NEW DELHI: YES Financial institution has exited CG Energy & Industrial Options Ltd (CG Energy) by promoting its complete stake-holding within the firm, the financial institution stated on Wednesday.

Sure Financial institution has offered 6,34,00,000 fairness shares having nominal worth of Rs 2 every, constituting 10.12 per cent of the share capital of CG Energy in varied tranches, final being on August 18, 2020, the personal sector lender stated in a regulatory submitting.

“It could be famous that the financial institution has offered complete shares held by the financial institution and after the aforesaid disposal of shares, the financial institution now holds nil shares of CG Energy,” Sure Financial institution stated.

On July 7, the lender had offered 1,66,50,000 shares, constituting 2.66 per cent of the paid-up share capital of CG Energy.

In Could 2019, Sure Financial institution had acquired 8,00,50,000 fairness shares, constituting 12.79 per cent shares in CG Energy pursuant to invocation of pledge of shares.

“Shares have been acquired pursuant to invocation of pledge of shares of CG Energy subsequent to default/breach of phrases of credit score services sanctioned by Sure Financial institution to Oyster Buildwell Pvt Ltd (borrower), which is a bunch firm of Avantha Group,” Sure Financial institution had stated in a regulatory submitting in Could final yr.

The proceeds from the sale of shares might be utilised to scale back the dangerous loans secured by such shares, it had stated.

CG Energy, an Avantha Group firm, is without doubt one of the largest gamers in India within the electrical tools and engineering trade.

Sure Financial institution shares closed 4.99 per cent up at Rs 15.78 apiece on BSE. CG Energy ended 4.98 per cent increased at Rs 15.39 per share.

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