CG Power lenders approve Tube Investment’s Rs 700-crore bid
The lenders of CG Power and Industrial Solutions have approved `705-crore bid of Murugappa group’s Tube Investments, sources close to development told FE. “No other suitor could outbid Tube Investment’s offer during the Swiss Challenge, so we have approved the resolution plan of existing bidder,” the source added. CG Power has a total outstanding debt of Rs 3,024 crore as on June 30, 2020. The lead creditors include State Bank of India (SBI), Axis Bank, Yes Bank, IndusInd Bank and Bank of India, among others.
