CG Power and Industrial Solutions said on Monday that creditors have invoked 6.76 crore pledged equity shares, constituting 10.8 per cent of the company’s share capital, held by one of its promoters Avantha Holdings.
“Invocation of pledge created on 6,76,96,248 equity shares of the company held by Avantha Holdings Ltd constituting 10.8 per cent equity share capital of the company by Vistra ITCL (India) Ltd, Debenture Trustee of Avantha Holdings Ltd on behalf of Debentureholders namely BOI AXA Credit Risk Fund, KKR India Financial Services Private Limited and KKR India Debt Opportunities Fund II,” CG Power and Industrial Solutions said in a BSE filing.
Avantha Holdings stated that though the pledge was invoked, however, Avantha Holdings will continue to have the right to require a re-transfer of the shares to itself upon repayment of the debt, according to the statement.
