Private Equity firm KKR cuts down stake in CG Power

Private Equity giant KKR on Friday further divested 18.07 million or 2.88% stake in troubled firm CG Power & Industrial Solutions Ltd for ₹30.54 crore through an open market transaction.

As per the block deal data available on the exchange, KKR India Debt Opportunities Fund II sold 34,64,021 equity shares in company at ₹16.95 per share on the BSE, while KKR India Financial Services offloaded 50 lakh shares at same price on the BSE and 96,10,588 shares at ₹16.85 per share on the NSE.

Recently, L&T Finance exited CG Power by selling its entire 10% stake in two block deals. KKR India Debt Opportunities Fund II still holds 9.5 lakh shares of CG Power.

From the beginning of the year, CG Power has gained 56.65% against a fall of 7% in the benchmark index, Sensex.

On a consolidated basis, CG Power reported net loss of ₹283.53 crore in Q4 March 2020 compared with net loss of ₹181.29 crore in Q4 March 2019. Net sales fell 69% to ₹616.25 crore in Q4 March 2020 over ₹1988.86 crore in Q4 March 2019.

Shares of CG Power gained 4.95% to close at ₹16.95 on Friday on BSE, while the benchmark index, Sensex gained 0.56% to close at 38,434.72 points.