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After KKR, L&T Finance, now Yes Bank sells CG Power shares worth 76 crore

While on Friday, L&T Finance, KKR India Debt Opportunities Fund II and KKR India Financial Services sold over 46.6 million shares, or approximately 7.5%, of CG Power for Rs63 crore (Photo: Reuters)Premium
While on Friday, L&T Finance, KKR India Debt Opportunities Fund II and KKR India Financial Services sold over 46.6 million shares, or approximately 7.5%, of CG Power for Rs63 crore (Photo: Reuters)

Private sector lender Yes Bank Ltd on Tuesday, offloaded 5.18 crore shares or 8.27% equity stake in CG Power & Industrial Solutions Ltd for 76 crore, via open market transactions

Mumbai: Private sector lender Yes Bank Ltd on Tuesday, offloaded 5.18 crore shares or 8.27% equity stake in CG Power & Industrial Solutions Ltd for 76 crore, via open market transactions, joining other institutional investors such as private equity firm KKR and L&T Finance, who have sold shares in past two days.

Yes Bank sold 2.38 crore equity shares in the company at 14.66 per share on the Bombay Stock Exchange (BSE), and 2.8 crore shares at 14.6 per share on the NSE, valuing the transactions at 75.81 crore, the bulk deals data showed.

The lender held 12.77% equity stake in the company as per the shareholding pattern as of June 2020.

On Monday, L&T Finance exited CG Power by selling its remaining 8.4% stake through open market transactions.

While on Friday, L&T Finance, KKR India Debt Opportunities Fund II and KKR India Financial Services sold over 46.6 million shares, or approximately 7.5%, of CG Power for Rs63 crore.

Shares of CG Power & Industrial gained 4.94% on Monday on BSE to close at 14.66, while the benchmark index, Sensex gained 1.26% to close at 38,528.32 points.

These stake sales come at a time when it appears that a solution to the debt-laden CG Power troubles is expected to emerge soon.

On 7 August, the company informed stock exchanges that Murugappa Group-led Tube Investments of India Ltd agreed to invest 700 crore in the company for a 56% stake.

However, lenders to CG Power are now seeking better bids for the company under the Swiss Challenge method, Mint reported last week.

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