NEW DELHI: Lenders to CG Power and Industrial Solutions have agreed to a one-time loan restructuring to pave way for Murugappa Group to take over the scam-hit equipment maker.
A consortium of 14 banks have taken a haircut of Rs 1,100 crore from the total debt of Rs 2,161 crore and restructured the rest.
In separate but identical stock exchange filings, CG Power and Murugappa Group firm Tube Investments of India said lenders have accepted one-time settlement and restructuring of debt. In August, Tube Investments had agreed to invest Rs 700 crore in CG Power for a 56.6% stake.
Tube Investments had recently received the Competition Commission of India (CCI)’s nod to acquire CG Power, which is expected to be debt-free in five-years.
