CG Power promoter in talks to sell stake: Reports

Gautam Thapar-led CG Power & Industrial is in talks to sell stake in the company, according to a report by ETNow.

The report added that Thapar was in talks with KKR and other PE players to sell the company. However, CG Power did not respond to ETNow query.

After falling as much as 13.50 per cent in Tuesday’s trade, share price of the company pared some losses and closed 2.22 per cent down at Rs 30.80. The BSE Sensex closed 0.66 per cent down at 35,973.71.


Promoters were holding 34.42 per cent stake in the company as of December 31. However, 100 per cent of promoters’ holding has remained pledged with lenders since March 2017.

CG Power earlier this month said its consolidated net loss widened to Rs 150.18 crore for the quarter ended December 31. It had posted a consolidated net loss of Rs 28.23 crore in the year-ago period, it said in a BSE filing.

However, total income rose to Rs 1,730.99 crore from Rs 1,536.89 crore during the corresponding quarter of 2017-18.

CG Power and Industrial Solutions is engaged in the business of power transformers and reactors, low tension motors and switchgears. It also provides end-to-end solutions to utilities, industries and consumers.