CG Power approves securities subscription agreement with Tube Invt; stk up

Shares of CG Power and Industrial Solutions hit a 5 per cent upper circuit limit of Rs 10.99 apiece on the BSE on Friday after the company informed that its board has approved the execution of a securities subscription agreement (SSA) with Tube Investments of India for the issuance and allotment of securities to it on a preferential basis.

“We hereby inform you that the Board of Directors (the “Board”) of the Company at their meeting held today have inter-alia considered and approved the execution of a securities subscription agreement with Tube Investments of India Limited (“Prospective Investor”) dated 7 August 2020 (“SSA”) for the issuance and allotment of following securities to the Prospective Investor on a preferential basis (“Preferential Allotment”), ” CG Power said in an exchange filing on Friday.