NEW DELHI: Lenders to CG Power and Industrial Solutions have agreed to a one-time loan restructuring to pave way for the Chennai-based Murugappa Group taking over the scam-hit equipment maker. CG Power had total debt of Rs 2,161 crore, out of which a consortium of 14 banks have taken a haircut of Rs 1,100 crore and restructured the remaining.
In separate but almost identical stock exchange filings, CG Power and Murugappa Group firm Tube Investments of India Ltd NSE 2.67 % (TIIL), said lenders have accepted one-time settlement and restructuring of debt.
In August, TIIL had agreed to invest Rs 700 crore in CG Power for a 56.61 per cent stake.
This, it said, was subject to “satisfactory fulfilment of conditions precedents contained in Securities Subscription Agreement (SSA).”
