KKR India picks up 10% CG Power stake

New Delhi: Private equity giant KKR India on Monday picked up nearly 10% stake in CG Power and Industrial Solutions for over Rs 89 crore by enforcing pledge on credit facilities extended to a promoter firm of the crisis-hit company.

As per the latest bulk deal data on the NSE, KKR India Debt Opportunities Fund II and KKR India Financial Services Ltd acquired a total number of over 6.26 crore shares or around 10% stake in CG Power.

The scrips were bought at an average price of Rs 14.25 apiece, amounting to a total of Rs 89.31 crore.

In a statement, the private equity major said its two entities have exercised their rights in respect of credit facilities extended to Avantha Holdings Ltd and its subsidiary Salient Financial Solutions Ltd and through the enforcement of pledges created by Avantha Holdings.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in