Indias Yes Bank Trims Stake In CG Power After KKR And L&T Finance

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 on June 2020.

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

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’s troubles is expected to emerge soon.

On August 7, 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.